House of Abhinandan Lodha Acquires Iconic American Center for Premium Residential Development in South Mumbai

The House of Abhinandan Lodha (HoABL) has made a significant move in the real estate sector with the acquisition of the American Center in Marine Lines, South Mumbai, for a reported ₹56 crore. The property, which spans around 1,400 square meters, is set to be transformed into a premium residential project. This marks HoABL’s entry into vertical, city-centric real estate developments, a shift from its focus on plotted developments.

The American Center, originally constructed in 1968, has a storied history. It was initially used as a residential facility for U.S. ambassadors to India until the early 1990s. Later, it served administrative purposes for the U.S. Consulate. However, the building has been unoccupied for over a decade, following the consulate’s relocation to Bandra-Kurla Complex (BKC). This seven-storey structure, located in a prime area, holds immense redevelopment potential.

The deal, finalized recently, had been in the works for three years. It required approvals from both the Indian and U.S. governments, including the Ministry of External Affairs (MEA) and the U.S. Embassy. With these clearances secured, the acquisition marks a milestone for HoABL. The planned redevelopment aims to create a residential complex offering views of Marine Drive and Mumbai Harbour.

Real estate consultants estimate that the project could deliver over 60,000 square feet of residential space. Given the location’s premium nature, it is expected to generate revenues of ₹750 crore to ₹800 crore. South Mumbai, known for its luxury properties, has seen numerous high-value transactions involving industrialists, corporate executives, and celebrities. This acquisition further highlights the growing demand for luxury housing in this region.

This purchase is not an isolated event. The U.S. Consulate has previously sold other prominent properties in Mumbai. Washington House on Altamount Road and Lincoln House in Breach Candy were sold in 2012 and 2015, respectively, after the consulate’s operations shifted to BKC. These transactions reflect a trend of repurposing older institutional properties into high-value residential or commercial developments.

HoABL’s foray into city-centric developments complements its extensive experience in plotted developments across India. Over the past four years, the company has delivered projects in Dapoli, Goa, and other locations. Currently, it has 700 acres under active development across six locations, including Alibaug, Neral, and Ayodhya. These projects are scheduled for delivery over the next two months to two years.

In addition to its existing portfolio, HoABL has recently acquired another 352 acres in cities like Varanasi, Vrindavan, Shimla, and Nagpur. These acquisitions align with the company’s growth strategy, with an estimated revenue potential of nearly $1 billion. This diversification into different real estate formats demonstrates HoABL’s commitment to tapping into various market segments.

The redevelopment of the American Center property is a strategic move that leverages its location and heritage value. By creating a modern residential project, HoABL aims to cater to the growing demand for high-end housing in South Mumbai. The project reflects a broader trend in the city’s real estate market, where older, underutilized properties are being transformed to meet contemporary needs.

Image source- hoabl.com