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The House of Abhinandan Lodha (HoABL) has acquired the American Center in South Mumbai for over INR 56 crore. The seven-storey building, previously part of the US Consulate General, has remained vacant for a decade after the consulate moved to BKC. HoABL plans to develop the property into a luxury residential project with views of Marine Drive and Mumbai Harbour. The deal was finalised after receiving approvals from both the US and Indian governments. This acquisition adds to HoABL's growing portfolio of developments across India, with significant future revenue potential.
The House of Abhinandan Lodha (HoABL) has acquired the American Center located in South Mumbai's Marine Lines area for over INR 56 crore, according to sources familiar with the transaction. The deal was finalised earlier this week. Advertisement
The seven-storey building, which was previously part of the US Consulate General, was constructed in 1968. It served as the residence for US ambassadors to India until the early 1990s, after which it was used by the consulate for administrative purposes. However, the structure, which spans nearly 1,400 square meters (one-third of an acre), has remained vacant for the past decade after the US consulate moved its operations to the Bandra-Kurla Complex (BKC) business district.
HoABL plans to redevelop the site into a super-luxury residential project offering sea views of both Marine Drive and Mumbai Harbour. This acquisition marks the company's entry into vertical city-centric developments, according to sources.
A person familiar with the deal mentioned that the transaction had been in progress for almost three years, awaiting approvals from both the US and Indian governments. It was finalised after receiving clearance from the Ministry of External Affairs (MEA) and the US embassy. A spokesperson from the US Consulate General in Mumbai confirmed the deal but did not provide further details, while HoABL did not respond to queries from Economic Times. Property consultants believe that the land has development potential exceeding 60,000 square feet, with a projected revenue of INR 750-800 crore due to its prime location.
South and Central Mumbai have been at the forefront of India's luxury residential property market growth, with numerous high-value transactions involving business magnates, corporate leaders, actors, and sports personalities in recent years. This acquisition is part of a series of property sales by the US Consulate General in Mumbai. In 2012 and 2015, the consulate sold Washington House on Altamount Road and Lincoln House in Breach Candy after relocating to BKC.
HoABL acquired the property through its subsidiary, HoABL Infraworld Pvt Ltd. In the past four years, the company has completed plotted developments in key locations, including Dapoli in Maharashtra and Goa. Around 700 acres are currently under active development across six sites, including Alibaug, Anjarle, Dapoli, Neral, Goa, and Ayodhya, with delivery expected over the next two months to two years. Additionally, the company recently acquired 352 acres in cities like Varanasi, Vrindavan, Shimla, Amritsar, Nagpur, and Khopoli, near Mumbai, with a total revenue potential nearing USD 1 billion.
HoABL's acquisition of the American Center marks a significant expansion in the luxury residential development market in Mumbai. With a prime location offering views of Marine Drive and Mumbai Harbour, the property is expected to generate substantial revenue. This transaction reflects the continued growth of South and Central Mumbai's luxury property market. HoABL's larger portfolio of developments, including projects across several key cities in India, positions the company for continued success in high-end real estate ventures.
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