MTNL Plans ₹891.53 Crore Sale of 5.16-Acre Powai Property

₹891.53 Crore Institutional Property Transaction

MTNL has approved a proposal to transfer one of its substantial Mumbai real estate assets to the Income Tax Department for ₹891.53 crore.

The land is located at Plot-C, Technology Street in Powai and measures 20,895.60 sq m, equivalent to approximately 5.16 acres.

The transaction is proposed through a government-to-government transfer or direct sale rather than an open-market transaction.

Board Clears Powai Asset Sale

MTNL's board approved the proposal on October 1, 2026.

The transaction is based on the required Presidential Approval and Alternative Mechanism approval and remains subject to formal acceptance from the Income Tax Department.

At the approved consideration, the transaction works out to approximately ₹42,666 per sq m of land, equivalent to around ₹3,964 per sq ft.

The calculation provides a useful reference for the overall land consideration, although it should not be directly compared with conventional commercial or residential built-up property rates.

MTNL Monetises Mumbai Real Estate

The Powai transaction forms part of MTNL's wider strategy to monetise non-core properties.

The telecom company has been facing substantial financial liabilities, making its real estate portfolio an important source of potential capital.

MTNL had liabilities of around ₹40,008.52 crore in FY26, while the estimated value of its non-core assets stood at approximately ₹50,000 crore.

The company has a substantial property portfolio, and continued monetisation could result in additional institutional land transactions.

Powai Remains a Key Mumbai Market

Powai has evolved into a major mixed-use real estate district with residential developments, commercial offices, technology businesses and institutional properties.

Large contiguous land holdings are relatively limited compared with smaller individual commercial and residential properties in the area.

For brokers, developers and institutional investors, large transactions such as the MTNL deal provide another reference point for tracking land values and institutional activity in the Powai market.

Sandeep Sadh’s Take:

The key number here is not only ₹891.53 crore but the 5.16-acre land holding behind it. Large contiguous parcels in established Mumbai locations have strategic value that smaller strata transactions cannot directly replicate.