New Delhi: In yet another big-ticket purchase in the country’s real estate sector, Pune-based business tycoon Cyrus Poonawalla has bagged the iconic Lincoln House in Mumbai for a staggering price of Rs 750 crore.
It makes it the largest ever real estate deal in the country’s financial capital. The two-acre, sea-facing property housed the American consulate for several decades before it relocated to the city’s new business district of Bandra-Kurla Complex four years ago.
Lincoln House, formerly known as Wankaner Palace, was built in 1938 by the Maharaja of Wankaner (in central Gujarat). In 2011, the US government had set a reserve price of Rs 850 crore for the property, but found few takers.
Poonawalla said his family did not rope in any global property consultant or broker to clinch the deal. The negotiations were initiated by my son Adar,” he said.
Poonwalla is the country’s 11th richest person having a net worth of $6.6 billion (about Rs 43,700 crore) in 2015, according to Forbes. He is the chairman of the Pune-based Serum Institute, the country’s largest drug maker for snake bites, founded in 1966.
The Lincoln House sale comes just within a week after noted industrialist Aditya Birla bought Jatia House in the city for Rs 425 crore.
The Poonawallas will make few changes to the house which was earlier used as an office by the US consulate. The high-profile deal comes within a week of leading industrialist Kumar Mangalam Birla setting a record last week when he paid Rs 425 crore for Jatia House in the plush Malabar Hill area.
Bureau Report
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