The iconic 58-year old Cadbury House in south Bombay’s Mahalakshmi area, which has been on the block for the last six months, has finally been sold to a diamond merchant for approximately Rs 350-400 crore. Even though real estate developers like Lodha Group, Oberoi Realty and Peninsula Land were among those who had shown interest in acquiring the property for redevelopment, the new owner Dilipkumar Lakhi— a prominent diamond trader in the city— emerged as the top bidder and is reportedly acquiring the property for personal use.
The deal valuation slightly lower than what analysts had expected. Most experts had pegged the deal at Rs 450 crore since flats in the area currently quoted at Rs 60,000 per square foot. But given the sluggishness in the sector and the fact that luxury real estate is not finding buyers, Lakhi was the highest bidder even with a bidding amount of Rs 350 crore. Last year, the US Consulate sold Washington House, its three-storied residential building at Altamount Road, in South Mumbai, to Lodha Group for Rs 375 crore.
The deal valuation slightly lower than what analysts had expected. Most experts had pegged the deal at Rs 450 crore since flats in the area currently quoted at Rs 60,000 per square foot. But given the sluggishness in the sector and the fact that luxury real estate is not finding buyers, Lakhi was the highest bidder even with a bidding amount of Rs 350 crore. Last year, the US Consulate sold Washington House, its three-storied residential building at Altamount Road, in South Mumbai, to Lodha Group for Rs 375 crore.
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