Mumbai-based real estate firm The House of Abhinandan Lodha (HoABL) has bought the American Center in South Mumbai’s Marine Lines area for ₹55.98 crore, property documents accessed by Propstack showed.
The name of the seven-storey building is Sandeep Building and it is located on Marine Lines. The size of the plot on which the building is located measures 1,337.81 sq m, according to the documents.
A stamp duty of ₹3.76 crore and a registration fee of ₹30,000 was paid for the transaction, the documents showed.
The assignment deed was signed on November 29, 2024
The seller of the building is The Secretary of State of The United States of America and the buyer is HOABL Infraworld Private Limited, the documents showed.
More details about the property
HoABL has acquired the seven-storey property through its subsidiary HoABL Infraworld Pvt Ltd. The building was built in 1968 and housed the American Library and the Public Diplomacy Section. It was vacant for the last few years after the US consulate moved from south Mumbai to Bandra Kurla Complex.
The transaction was closed almost three years ago but was concluded only after approvals were received from the US government and the Ministry of External Affairs, people in the know of the transaction said.
{{/usCountry}}The transaction was closed almost three years ago but was concluded only after approvals were received from the US government and the Ministry of External Affairs, people in the know of the transaction said.
{{/usCountry}}Property consultants said that the per sq ft rates for residential property in the area are around ₹80,000 to 1 lakh (carpet) and commercial rates are around ₹60,000 per sq ft. Commercial rentals are between ₹300 and ₹400 per sq ft.
HOABL's spokesperson confirmed the deal without sharing any details. The US consulate also confirmed the sale of the property.
Since its inception, less than four years ago, HoABL has delivered over 150 acres of new generation plotted land and has another 700 acres under development, across six locations – Anjarle, Dapoli, Neral and Alibaug in Maharashtra, Goa and Ayodhya.
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