Mumbai-based real estate giant The House of Abhinandan Lodha (HoABL) has made a strategic acquisition in South Mumbai Real Estate prestigious Marine Lines area. The company purchased the iconic American Center building, also known as Sandeep Building, for ₹55.98 crore, according to property documents accessed by Propstack. This landmark deal marks a significant step in HoABL’s foray into South Mumbai’s luxury residential market.
Deal Details and Significance
The seven-storey building, situated on a plot measuring 1,337.81 sq m, was acquired through HoABL subsidiary, HoABL Infraworld Private Limited. Built in 1968, the property served as the residence for US ambassadors in India until the early 1990s but has been vacant for over a decade after the US Consulate shifted to Bandra Kurla Complex (BKC).
A stamp duty of ₹3.76 crore and a registration fee of ₹30,000 were paid for the transaction, finalized on November 29, 2024. The seller of the building was The Secretary of State of The United States of America, adding layers of complexity to the deal, which required approvals from both the US government and India’s Ministry of External Affairs (MEA).
A Rare Opportunity in South Mumbai
South Mumbai’s real estate is known for its exclusivity and premium pricing, with residential rates ranging between ₹80,000 to ₹1 lakh per sq ft (carpet area) and commercial rates at ₹60,000 per sq ft. However, the availability of land parcels in this area is scarce, making this acquisition a rare and strategic win for HoABL Group.
With a development potential exceeding 60,000 sq ft, the property offers stunning views of Marine Drive and the Mumbai Harbour, making it an ideal site for a super-luxury residential project. The area already hosts elite developments like Sheth Marina and Prestige Ocean View, but new projects are limited due to land constraints.
Strategic Vision for HoABL
The acquisition of the American Center highlights HoABL Real Estate Developer ambition to dominate the luxury real estate market. Since its inception less than four years ago, the company has delivered over 150 acres of plotted land developments and has another 700 acres under development across Maharashtra, Goa, and Ayodhya.
This acquisition reinforces HoABL’s focus on premium real estate projects in high-demand locations. The developer, led by Mr. Abhinandan Lodha, who split from the Lodha Group nine years ago, is making significant strides in South Mumbai’s luxury segment.
High Demand for Sea-View Luxury Properties
The demand for sea-view properties in South Mumbai remains high, particularly in Marine Drive, one of the city’s most sought-after addresses. These properties offer unobstructed views of the Arabian Sea, making them highly desirable among elite homebuyers and investors. The scarcity of such options ensures consistent appreciation in value, making the ₹56 crore deal a smart long-term investment for HoABL Realty.
Future Development Plans
With approvals in place and the property in HoABL portfolio, the focus will likely turn to creating a luxury residential project that caters to high-net-worth individuals seeking premium living experiences in South Mumbai. This project is expected to further solidify HoABL Land Developer position as a leader in the luxury real estate market.
The acquisition of the American Center by House of Abhinandan Lodha underscores the company’s strategic vision and its growing influence in the Indian real estate market. In a city where land is at a premium, this purchase not only reflects HoABL’s ambition but also the immense potential for high-end developments in South Mumbai. With stunning views, a prime location, and rising demand for luxury properties, the project promises to be a landmark addition to Mumbai’s skyline and a valuable asset for both the developer and future residents.
This strategic deal reaffirms South Mumbai’s position as a hub for luxury real estate and highlights the growing prominence of Abhinandan Lodha in redefining urban living experiences.