City developer buys American Center in SoBo for 56 crore

Mumbai: HoABL Infraworld Pvt Ltd, led by Abhinandan Lodha, has acquired the iconic American Center in south Mumbai for Rs 56 crore. The ground-plus-seven-storey structure, spanning 1,337 square metres has a development potential of around 60,000 square feet, said a press release issued by the developer on Wednesday.The property, part of the US Consulate General in Mumbai, has been bought by HoABL Infraworld from the US govt. "Built in 1968, the American Center in Mumbai long served as a cornerstone of US-India relations. Over the years, the property housed key institutions including the American Library, the US-India Educational Foundation, the US Foreign Commercial Service, and the press and cultural affairs offices. For generations, the American Center played a vital role in fostering US-India people-to-people connections and advancing US-India commercial and cultural ties," said US Consulate spokesperson Greg Pardo.Abhinandan Lodha, chairman, HoABL Infraworld, said, "The Indian real estate market is at a pivotal juncture, fueled by rising demand, favourable policies, and evolving lifestyles. We entered this deal during the peak of the pandemic in 2021, purchasing the property with the understanding that the final agreement would follow post govt approvals. Now that these approvals are in place, we are grateful to see the transaction successfully concluded."tnn
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