India: Poonawalla’s $113m Lincoln House deal shows sluggishness in Mumbai property market

Indian billionnaire Cyrus Poonawalla paid a whopping Rs 750 crore ($113 million) for Lincoln House, a Breach Candy property which was put up for sale by the United States Consulate. However, that is Rs 100 crore ($15 million) less than its reserve listing price in 2011, an indicator that big-ticket properties might also be affected by the general sluggishness in Mumbai’s property prices.

The three-storey house is a grade 3 heritage property, which meant that the new owner would not be allowed to tear it down and redevelop it. That rule kept out big property companies from bidding for it, even though the rules have recently been relaxed.

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