U.S. Consulate Property Sold at Whooping 341.82 Crore

By SiliconIndia   |   Thursday, December 13, 2012   |    1 Comments
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Bangalore:  The U.S. consulate properties are being auctioned in India by the U.S. government which has created a buzz among prominent real estate players in Mumbai. The U.S Consulate property, Washington House, the Altamount residential building has acquired by Lodha Group for 341.82 crore,

Lodha Group, one of the prominent real estate developers is planning to build a sea-facing luxury residential tower of 30-storeys, as the developer mentioned in a statement. This new residential project is expected to launch by March 2013. However, Altamount Road, the second expensive locality in India where the property prices touch sky and currently the prices ranges between 80,000 and 110,000 per square feet. Besides, the Altamount road houses two wealthiest personalities, Mukesh Ambani and Kumar Mangalam Birla.

Washington House property had quoted a fixed price of 350 crore and the property was one among the two marquee properties that U.S government set up for sale in the financial capital, Mumbai. Over the last few years, Mumbai is witnessing soaring property prices.

Last year, the consulate had already shifted to another building in the Bandra-Kurla complex. Subsequent to this, both Washington House and Lincoln House, the other marquee property, were offered for sale.

Adding to it, Lincoln House in Mumbai a U.S. consulate is being auctioned, for which the U.S. government has quoted a reserve price of 850 crore.  And according to market sources, Tata Housing is expected to secure the deal for Lincoln house by bidding an amount close to the reserve price of 800 crore. 

This U.S Consulate on Altamount Road spans over 2702 square meters of area and the property Washington House is also a listed Grade III property and come under coastal regulation zone (CRZ) II. Besides, the total development potential of the plot is of around 1.2 lakh a square feet.

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Reader's comments(1)
1: The developer can earn good revenues on this property.
Posted by:Samy - 13 Dec, 2012

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