The Lodha Group has acquired the Washington House, a three storey residential building at Altamount Road in Mumbai.
The company has taken over the residential building with an investment of Rs 375 crore. The Washington House covers 2,702 sq mtrs which is listed as Grade III property and falls under the Coastal Regulation Zone II. The Group will demolish the building and replace it with a luxury residential tower. However, the deal has not been signed as the consulate is yet to receive the go-ahead from state and central authorities, including the Ministry of External Affairs (MEA).
Meanwhile, the US Government is expected to procure clearances from the MEA and state and local authorities for the sale within 90 to 180 days of getting the confirmation letter from the winning bidder. But if the clearance doesn’t come within the period, the US Government can cancel the transfer of property and hand the money back to the bidder or reach a mutual decision to extend the time limit for obtaining the said approval from MEA.