HoABL Infraworld Acquires American Center in Mumbai for ₹56 Crore
HoABL Infraworld has successfully acquired the iconic American Center building in Mumbai for ₹56 crore, marking a significant milestone in the city's real estate market.
Hoabl InfraworldAmerican CenterMumbaiReal EstateUsindia RelationsReal Estate MumbaiDec 04, 2024
The American Center has been a significant part of the US Consulate General in Mumbai since its construction in 1968. Over the years, it has housed various key institutions, including the American Library, the US-India Educational Foundation, the US Foreign Commercial Service, and the press and cultural affairs offices. The building has played a vital role in fostering US-India relations and advancing cultural and commercial ties between the two countries.
Consulate spokesperson Greg Pardo commented, 'The American Center in Mumbai has long served as a cornerstone of US-India relations. It has been a key venue for people-to-people connections and has supported numerous initiatives to strengthen the ties between the two nations.'
Abhinandan Lodha, Chairman of HoABL Infraworld, expressed his optimism about the acquisition. 'The Indian real estate market is at a pivotal juncture, driven by rising demand, favorable policies, and evolving lifestyles,' he said. '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.'
HoABL Infraworld, part of Lodha Ventures, is known for its plotted development projects. Abhinandan Lodha formed Lodha Ventures in 2015, and the company has since been a significant player in the real estate sector.
The acquisition of the American Center is expected to bring new life to this historic property, with plans to develop it into a modern and versatile space that can meet the evolving needs of the city's residents and businesses.
Frequently Asked Questions
What is the value of the American Center acquisition by HoABL Infraworld?
The American Center in Mumbai was acquired by HoABL Infraworld for ₹56 crore.
What is the size of the American Center property?
The American Center is a Ground + 7 storey structure spanning 1,337.81 square meters, with a development potential of around 60,000 square feet.
Who was the seller of the American Center property?
The property was sold by the Secretary of State of the United States of America, representing the Government of the United States of America.
What institutions has the American Center housed over the years?
The American Center has housed the American Library, the US-India Educational Foundation, the US Foreign Commercial Service, and the press and cultural affairs offices.
Who is Abhinandan Lodha, and what is his role in HoABL Infraworld?
Abhinandan Lodha is the Chairman of HoABL Infraworld. He formed Lodha Ventures in 2015, and HoABL Infraworld is part of this venture, focusing on plotted development.
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