House of Abhinandan Lodha ( HoABL) has acquired the ground-plus seven-storey property located at Marine lines, Mumbai , through its subsidiary HoABL Infraworld Pvt Ltd.
The size of the plot on which the building is located measures 1,337.81 sq m for Rs 56 Crore, according to the documents registered on Friday. According to experts this property has a development potential of close to 60,000 sq ft.
The seller of the building is The Secretary of State of The United States of America and the buyer is HOABL Infraworld Private Limited. The building was built in 1968 and has been lying vacant for the sometime after the US consulate moved from south Mumbai to Bandra Kurla Complex.
According to a source, the transaction was entered into over three years ago but was concluded now only after approvals from the US government and the Ministry of External Affairs recently.
The company spokesperson confirmed the deal but did not provide any details.
Before establishing HOABL, Lodha played an instrumental role as Joint Managing Director at Lodha Developers (now Macrotech Developers) until 2015. He drove exponential growth, increasing annual sales from Rs 2 crore to Rs 8,000 crore.
