UK Consulate Acquires Prime Office Space in Mumbai
Real Estate

UK Consulate Acquires Prime Office Space in Mumbai

The Secretary of State for Foreign, Commonwealth and Development Affairs of the United Kingdom has secured over 1.60 lakh sq ft of prime office space in Mumbai?s Lower Parel business district. The acquisition, spread across 12 units on the 19th floor of One Lodha Place, was completed for over Rs 1.01 billion.

The transaction, concluded on May 28, was registered with a nominal stamp duty payment of just Rs 100, taking advantage of the exemptions granted to consulates in India. These diplomatic privileges align with international conventions and national laws, allowing significant savings from the usual 6% stamp duty on property transactions.

The UK Consulate, currently located in Bandra-Kurla Complex (BKC), is set to move its operations to the newly acquired space in Lower Parel. This strategic move reflects a long-term commitment to Mumbai, underscored by the outright purchase of the property.

The 173-meter One Lodha Place, developed by One Place Commercial Pvt Ltd, part of Macrotech Developers, features 28 floors, 10 podium levels, two basement levels, two service levels, and a terrace.

The broader Mumbai office property market has shown robust performance, with a 13.8% year-on-year growth in gross leasing, totaling over 15.16 million sq ft in Q1 2024. This marks the third consecutive quarter where gross leasing has surpassed the 15 million sq ft mark, continuing the momentum from the historical high of 20.94 million sq ft in Q4 2023.

The Secretary of State for Foreign, Commonwealth and Development Affairs of the United Kingdom has secured over 1.60 lakh sq ft of prime office space in Mumbai?s Lower Parel business district. The acquisition, spread across 12 units on the 19th floor of One Lodha Place, was completed for over Rs 1.01 billion. The transaction, concluded on May 28, was registered with a nominal stamp duty payment of just Rs 100, taking advantage of the exemptions granted to consulates in India. These diplomatic privileges align with international conventions and national laws, allowing significant savings from the usual 6% stamp duty on property transactions. The UK Consulate, currently located in Bandra-Kurla Complex (BKC), is set to move its operations to the newly acquired space in Lower Parel. This strategic move reflects a long-term commitment to Mumbai, underscored by the outright purchase of the property. The 173-meter One Lodha Place, developed by One Place Commercial Pvt Ltd, part of Macrotech Developers, features 28 floors, 10 podium levels, two basement levels, two service levels, and a terrace. The broader Mumbai office property market has shown robust performance, with a 13.8% year-on-year growth in gross leasing, totaling over 15.16 million sq ft in Q1 2024. This marks the third consecutive quarter where gross leasing has surpassed the 15 million sq ft mark, continuing the momentum from the historical high of 20.94 million sq ft in Q4 2023.

Next Story
Infrastructure Transport

Railways approves major upgrade for Telangana traction lines

The Ministry of Railways has approved the upgradation of the electric traction system in two crucial railway sections — Medchal–Mudkhed (225 km) and Mahbubnagar–Dhone (184 km). The projects, costing Rs 1.93 billion and Rs 1.23 billion respectively, will enhance the electric traction capacity from 1X25 KV to 2X25 KV. The work includes modifications to circuit breakers and switching stations, along with the installation of additional conductors. These routes serve as vital links between Northern and Southern India via Hyderabad. Once completed, the upgraded system will reduce voltage dro..

Next Story
Infrastructure Transport

Adani to invest Rs 425 billion more in Maharashtra’s Dighi Port

The Adani Group has committed to invest an additional Rs 425 billion in the Dighi Port project, located along Maharashtra’s coastal Konkan belt, government officials announced on Monday. Adani Ports and Special Economic Zone (APSEZ)-run Dighi Ports signed a memorandum of understanding (MoU) with the Maharashtra government to undertake the expansion of the port and related infrastructure. This new commitment comes as part of a broader investment initiative by the state. Chief Minister Devendra Fadnavis said the agreement is among 15 MoUs worth over Rs 560 billion signed during the opening d..

Next Story
Infrastructure Transport

HUDCO, JNPA sign Rs 50 billion deal for port development

In a strategic move, the Housing and Urban Development Corporation Ltd (HUDCO) has signed a Memorandum of Understanding (MoU) with the Jawaharlal Nehru Port Authority (JNPA) for an investment of Rs 50 billion to revamp and develop port infrastructure. The non-binding agreement is intended to strengthen cooperation on both existing and upcoming infrastructure projects, with a focus on development, financing, and refinancing of port facilities at the Jawaharlal Nehru Port. The MoU was formalised with the signatures of Sanjay Kulshrestha, Chairman and Managing Director of HUDCO, and Unmesh Shar..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?