UK Consulate buys 1.60 lakh sq ft office in Mumbai’s Lower Parel
Lodha Place in Mumbai’s business district Lower Parel for over Rs 101.25 crore.
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The UK Consulate has acquired the office space spread across a total 12 units on the 19th floor of the tower from Lodha Group’s listed entity Macrotech Developers.
The buyer has paid just Rs 100 as stamp duty for the registration of the transaction that was concluded on May 28, showed the documents accessed through Propstack. Property registration in Mumbai attracts a total 6% stamp duty.
The concession in stamp duty charges in this case has been granted as consulates in India benefit from exemptions from stamp duty on property transactions and other official legal documents as part of their diplomatic privileges, in accordance with international conventions and national laws.
The UK Consulate currently operates from Mumbai’s business district Bandra-Kurla Complex (BKC) and this office is expected to be shifted to the new address in Lower Parel, said persons with direct knowledge of the development.
The UK Consulates’ office transaction assumes significance given that it is an outright acquisition deal indicating its long-term commitment.
ET’s email query to the UK Consulate and Lodha remained unanswered until the time of going to press.
The ready-to-move-in office tower has been developed by One Place Commercial
