Abhinandan Lodha's firm buys American Centre in South Bombay for Rs 56 cr

 HoABL Infraworld Pvt Ltd, led by developer Abhinandan Lodha, has acquired the iconic American Center in south Mumbai for Rs 56 crore. This project, comprising a Ground + 7 storey structure spanning 1,337.81 square meters, 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.

 

House of Abhinandan Lodha has bought the Mumbai property located on Marine Lines. The name of the seven-storey building is Sandeep Building. The size of the plot on which the building is located measures 1,337.81 sq m, according to the documents accessed by Propstack. A stamp duty of Rs 3.76 crore and a registration fee of Rs 30,000 was paid for the transaction, the documents showed.

 

The assignment deed was signed on November 29, 2024.

 

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.

 

"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. House of Abhinandan Lodha, which is part of Lodha Ventures, is into plotted development.

 

Real estate consultants said the per sq ft rates for residential property in the area are around Rs 80,000 to 1 lakh (carpet) and commercial rates are around Rs 60,000 per sq ft.