Lodha Developer Acquired the Mumbai’s Washington House for 342 Crore Rupees

Lodha Developer, the renowned realty company acquired the triple storey residential building called Washington House which was owned by US consulate, for 341.8 crore Rupees. The building is located on the Altamont Road, Mumbai.

In acquiring the building, Lodha beat other three rival developers which also included Tata Housing as well as Mahindra Lifespaces. The bids of these two developers ranged somewhere around 300 crore Rupees, much less than the reserve price of 350 crore Rupees which was fixed by the consulate.

Altamount Road is known as the lane of the billionaires and it is also one of the ten most expensive addresses of the world. Altamount Road has homes of the richest Indians which include Mukesh Ambani as well as various Bollywood stars.
The experts of properties declared that the bid of Lodha which was below the reserve price of 350 crore Rupees was aligned with the present market conditions. The experts believed that despite being in the best location, the consulate agreed to the price of 341.8 crore because the market conditions were not aligned with the ground conditions.

On 11 December 2012, the MD of Lodha Group, Abhishek Lodha sealed an agreement by making a payment of 300 crore Rupees to the US consulate. Initially the developer had paid 40 crore Rupees. The agreement was signed as well as registered at Old Custom House, Fort with Lodha as well as a senior official and authorised signatory from US embassy as the witnesses. Additionally, it was believed that Lodha paid 17 crore as the stamp duty to transfer the property in his own name.

About the Washington House

Washington House is a triple storey building spread over 2702 square metres or approximately 3/4th of one acre. It is a Grade III property. It falls under Coastal Regulation Zone II. Plot also reserves 293 square metres of road.