The House of Abhinandan Lodha (HoABL) has purchased the American Center in Marine Lines, South Mumbai, for over Rs 56 crore. The seven-story building, once part of the US Consulate General, was constructed in 1968 and housed US ambassadors until the early 1990s. Afterward, it served administrative functions but has been vacant for the last decade since the US Consulate moved to Bandra-Kurla Complex.
HoABL intends to transform the 1,400 sq meter property into a super-luxury residential project with sea views of Marine Drive and Mumbai Harbour, marking its entry into city-centric vertical developments. The transaction, initiated nearly three years ago, awaited approvals from both the US and Indian governments, recently concluded with the Ministry of External Affairs and the US embassy’s consent.
Property consultants estimate the development potential to exceed 60,000 sq ft, with projected revenues of Rs 750-800 crore due to the prime location.
South and Central Mumbai, known for India’s most expensive apartments, have seen a surge in luxury residential property transactions involving industrialists, corporate executives, actors, and sports personalities. The American Center deal is the latest in a series of properties sold by the US Consulate General in Mumbai.
