Hardly a week after Kumar Mangalam Birla bought Jatia House for Rs 425 crore, Cyrus Poonawalla, chairperson of the Poonawalla Group, has bought a former maharaja’s mansion in Mumbai from the US Government for around Rs 750 crore, making it the most expensive residential purchase in the country.
According to media reports, the property is a 2-acre Grade-III property and has a built-up area of around 50,000 sq ft. Sources said, Poonawalla wants to use the Lincoln House as a family residence and he has no plans to redevelop the property.
However, the price of the property is Rs 100 crore lower than the reserve price quoted by the seller, the US Consulate. The reason for this lower valuation is the restrictions on the redevelopment of heritage properties.
The seaside mansion was used as the US consulate from 1957 and later renamed Lincoln House. It was put on the market four years ago after the consulate was relocated to a purpose-built compound in a newer business district.
Poonawalla’s move is the most expensive home purchase to date in the country. Mumbai is already home to the most expensive private home in the world, Antilia, the purpose-built 27-floor home of Mukesh Ambani.