Lincoln House sale: Deal on despite delay

Located on around 2 acres of land in posh south Mumbai, Lincoln House housed the US Consulate until 2011.

By: Express News Service | Pune | Updated: October 23, 2015 5:20 am

The Rs 750-crore deal inked by Pune-based industrialist Cyrus Poonawalla for purchase of the iconic Lincoln House in Mumbai might have hit procedural glitches delaying the registration process, but the deal is apparently “on”. While Adar Poonawalla, son of Cyrus Poonawalla, refused to comment on the delay, he confirmed the “deal was on”.

Located on around 2 acres of land in posh south Mumbai, Lincoln House housed the US Consulate until 2011. The deal to buy the property had hit the headlines in September this year as it was one of the most expensive real estate deals in Mumbai in recent times. Kumar Mangalam Birla had earlier finalised the deal to purchase the Jatia House property in Malabar Hill for Rs 425 crore. The property has been classified under heritage III and can be redeveloped.

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Sources in Mumbai city district collectorate confirmed the delay in registration of the property as it was done on directions of the Defence Ministry. The ministry, which is the original lessor, in its communication has stated they are yet to receive any formal communication from the US Consulate regarding the sale.

Following the communication from the ministry, the process of mutation and registration of the deed has been stopped until further notice. The stamp duty of the property is stated to be over Rs 35 crore.

Meanwhile, Adar Poonawalla, when asked about the delay, refused to comment “till everything is done”. Confirming that the deal was very much on, he said it had been decided between both parties (Poonawalla and the US Consulate) not to make any comments. “Our media statement should not affect governmental procedures,” he said.

Last year, the Poonawalla Group had bid for the Grosvenor House hotel property of the debt-ridden Sahara Group. The hotel, in London, was up for sale by the Sahara Group to garner bail money for its jailed Chairman Subroto Roy Sahara. The deal, however, fell through.

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