Abhinandan Lodha's firm buys American Center in Mumbai for Rs 56 cr
December 04, 2024 22:55
Abhinandan Lodha, chairman of HoABL Infraworld/ANI Photo
Realty firm HoABL Infraworld Pvt Ltd on Wednesday said it has acquired the iconic American Center building in Mumbai for Rs 56 crore.
The company has acquired the American Center building in South Mumbai, a Ground + 7 storey structure spanning 1,337.81 square meters.
This project will have a development potential of around 60,000 square feet, the company said in a statement.
The property, which was part of the US Consulate General in Mumbai, has been purchased by HoABL Infraworld from the secretary of state of the United States of America (Representing the Government of The United States of America) for Rs 55.98 crore.
"Built in 1968, the American Center in Mumbai long served as a cornerstone of US-India relations. Over the years, the property housed key institutions including the American Library, the US-India Educational Foundation, the US Foreign Commercial Service, and the press and cultural affairs offices."
"For generations, the American Center played a vital role in fostering US-India people-to-people connections and advancing US-India commercial and cultural ties," said Consulate spokesperson Greg Pardo.
Abhinandan Lodha, chairman of HoABL Infraworld, said: "The Indian real estate market is at a pivotal juncture, fuelled by rising demand, favourable policies, and evolving lifestyles."
"We entered this deal during the peak of the pandemic in 2021, purchasing the property with the understanding that the final agreement would follow post government approvals. Now that these approvals are in place, we are grateful to see the transaction successfully concluded," he said.
Abhinandan Lodha had formed Lodha Ventures into 2015. -- PTI
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