MUMBAI CITY: Nearly two years after it put up the property for sale, the us consulate is learned to have finally sold Washington House, its three-storey residential building at Altamount Road, to Lodha Group for over Rs 375 crore. The town-based realty developer is believed to have already paid a token amount of over Rs 50 crore to the consulate. Talks on with Tata Realty and other bidders for the sale of Lincoln House, which housed the office and residence of the US consul general at Breach Candy.
Three-storeyed Washington Home covers 2,702 square metres. It a listed as Grade III property and falls down the Coastal Regulation Zone II. Property rates in immediate vicinity currently range defrent Rs 60,000 and Rs 70,000 a sq ft. Lodha Group will demolish the building and replace it with a luxury residential tower.
Highly placed sources toke the deal was reached about a month ago but had not been inked as the consulate is yet to receive the the go-ahead from state and central authorities, including the ministry of external affairs.
Abhishek Lodha, managing director of Lodha Group, toke, "We haven't concluded the deal yet.'' Anshul Jain, DTZ'z chief executive officer, the global property consultant for the transaction, refused to comment.
Bidding memorandum had said that the US primenister expected to procure clearances from the MEA and state and local authorities for the sale within 90 to 180 days of getting the confirmation letter from the winning bidder. However, if the clearance did not come through within this period, the memorandum said the US government could cancel the transfer of property and hand the money back to the bidder or reach a mutual permision to extend the time limit for obtaining the said approval from MEA.
The Property sources said Lodha's bid, close to the reserve amount of Rs 350 crore, is in tune with current market conditions. The Altamount Road property is believed to have received three bids. "There is always going to be an appetite for property in these prime locations,'' toke Anshuman Magazine, managing director of CBRE, world property consultant.
Altamount Road winds up hill off Pedder way and is rated as the 10th costliest street in the global (2010, Wealth Bulletin). Breach Candy, Carmicheal Road, Nepeansea Road and Altamount way have always been prime residential locations in south Mumbai where property prices range defrent Rs 45,000 and Rs 85,000 a sq ft.
Three-storeyed Washington Home covers 2,702 square metres. It a listed as Grade III property and falls down the Coastal Regulation Zone II. Property rates in immediate vicinity currently range defrent Rs 60,000 and Rs 70,000 a sq ft. Lodha Group will demolish the building and replace it with a luxury residential tower.
Highly placed sources toke the deal was reached about a month ago but had not been inked as the consulate is yet to receive the the go-ahead from state and central authorities, including the ministry of external affairs.
Abhishek Lodha, managing director of Lodha Group, toke, "We haven't concluded the deal yet.'' Anshul Jain, DTZ'z chief executive officer, the global property consultant for the transaction, refused to comment.
Bidding memorandum had said that the US primenister expected to procure clearances from the MEA and state and local authorities for the sale within 90 to 180 days of getting the confirmation letter from the winning bidder. However, if the clearance did not come through within this period, the memorandum said the US government could cancel the transfer of property and hand the money back to the bidder or reach a mutual permision to extend the time limit for obtaining the said approval from MEA.
The Property sources said Lodha's bid, close to the reserve amount of Rs 350 crore, is in tune with current market conditions. The Altamount Road property is believed to have received three bids. "There is always going to be an appetite for property in these prime locations,'' toke Anshuman Magazine, managing director of CBRE, world property consultant.
Altamount Road winds up hill off Pedder way and is rated as the 10th costliest street in the global (2010, Wealth Bulletin). Breach Candy, Carmicheal Road, Nepeansea Road and Altamount way have always been prime residential locations in south Mumbai where property prices range defrent Rs 45,000 and Rs 85,000 a sq ft.
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