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Iconic Building Lincoln House [Former Maharajah Palace and US embassy ] sold to business tycoon $113m










The Lincoln House: biggest real estate deal in Mumbai


In what probably is, one of the largest real estate Deals in India’s financial capital, the Poonawalla family, owners of biotech major Serum Institute of India, has bought the iconic Lincoln House in the posh Breach Candy area of Mumbai for about [£ 96 million / $113million]

The deal was signed between the Poonawalla family and the US Consulate — the current owners of Lincoln House ,including the transfer of a 900-year lease on the property to the family.


Negotiations had been going on for more than a month and at the end month, a deal transpired” Adar Poonawalla, CEO, Serum Institute.The Poonawalla family, also attempted to purchase London’s 420 bedrooms Grosvenor House hotel last year, currently in the possession of the large US hotel chain Marriott International Inc .

The Lincoln House, originally known as the Wankaner House, was owned by the Maharaja of Wankaner, a princely state near Rajkot in Gujarat and is spread over 2 acres with a built-up area of 50,000 square feet.

Faced with rising taxes after the accession of princely states after Independence, Maharaja Pratapsinhji Jhala Wankaner leased the property to the US in 1957. It was renamed Lincoln House and housed the US Consulate till 2011, after which the latter shifted to its current location in Bandra-Kurla.

Real estate is at a ultra premium in land-starved, Mumbai where scarcity of area forces the government to push for re-development programmes in downtown Mumbai. old uninhabited textile mills in central Mumbai, are being pulled down to build high rise buildings where an average two-bedroom apartment is priced upwards of Rs 5 crore ;£600k (1 crore =10 million rupees or about £120,000)

Though South Mumbai,is home to pre-Independence buildings, sees ownership changing hands by large business families at deals much higher than current market rate.

Only at the beginning of September, a similar high-value deal, by Aditya Birla group chairman Kumar Mangalam Birla ,who bought another iconic property in Mumbai, the Jatia House.

These sales are likely to increase a sense of, inequalities in Mumbai, a city where a handful of prominent tycoons own dwellings with price tags ,to rival London or New York, while almost , 10 million of its population ,live in slums.


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