Vikrant
Gold Member
- Apr 20, 2013
- 8,317
- 1,075
This is a good looking palace. Very artistic!
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Pharmaceutical billionaire Cyrus Poonawalla has bought a former maharaja's mansion in Mumbai from the US government for around 7.5bn rupees (£73m), making it the most expensive ever residential purchase in the country.
The 50,000 sq ft 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.
Mr Poonawalla, chairman of Poonawalla Group and one of India's richest men, told the Times of India newspaper that he secured the property after real estate groups were told there were limits on potential redevelopment plans for the heritage-listed house and seaside plot.
"We thought it was a good price given the location," his son Adar Poonawalla, who ran negotiations, told the Hindustan Times.
Last week, the family of billionaire industrialist Kumar Mangalam Birla said it had bought Jatia House, another of south Mumbai's rare bungalows, for 3.9bn rupees.
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Tycoon buys US consulate in India's most expensive property deal
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Pharmaceutical billionaire Cyrus Poonawalla has bought a former maharaja's mansion in Mumbai from the US government for around 7.5bn rupees (£73m), making it the most expensive ever residential purchase in the country.
The 50,000 sq ft 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.
Mr Poonawalla, chairman of Poonawalla Group and one of India's richest men, told the Times of India newspaper that he secured the property after real estate groups were told there were limits on potential redevelopment plans for the heritage-listed house and seaside plot.
"We thought it was a good price given the location," his son Adar Poonawalla, who ran negotiations, told the Hindustan Times.
Last week, the family of billionaire industrialist Kumar Mangalam Birla said it had bought Jatia House, another of south Mumbai's rare bungalows, for 3.9bn rupees.
...
Tycoon buys US consulate in India's most expensive property deal