AGL 40.00 Decreased By ▼ -0.16 (-0.4%)
AIRLINK 129.53 Decreased By ▼ -2.20 (-1.67%)
BOP 6.68 Decreased By ▼ -0.01 (-0.15%)
CNERGY 4.63 Increased By ▲ 0.16 (3.58%)
DCL 8.94 Increased By ▲ 0.12 (1.36%)
DFML 41.69 Increased By ▲ 1.08 (2.66%)
DGKC 83.77 Decreased By ▼ -0.31 (-0.37%)
FCCL 32.77 Increased By ▲ 0.43 (1.33%)
FFBL 75.47 Increased By ▲ 6.86 (10%)
FFL 11.47 Increased By ▲ 0.12 (1.06%)
HUBC 110.55 Decreased By ▼ -1.21 (-1.08%)
HUMNL 14.56 Increased By ▲ 0.25 (1.75%)
KEL 5.39 Increased By ▲ 0.17 (3.26%)
KOSM 8.40 Decreased By ▼ -0.58 (-6.46%)
MLCF 39.79 Increased By ▲ 0.36 (0.91%)
NBP 60.29 No Change ▼ 0.00 (0%)
OGDC 199.66 Increased By ▲ 4.72 (2.42%)
PAEL 26.65 Decreased By ▼ -0.04 (-0.15%)
PIBTL 7.66 Increased By ▲ 0.18 (2.41%)
PPL 157.92 Increased By ▲ 2.15 (1.38%)
PRL 26.73 Increased By ▲ 0.05 (0.19%)
PTC 18.46 Increased By ▲ 0.16 (0.87%)
SEARL 82.44 Decreased By ▼ -0.58 (-0.7%)
TELE 8.31 Increased By ▲ 0.08 (0.97%)
TOMCL 34.51 Decreased By ▼ -0.04 (-0.12%)
TPLP 9.06 Increased By ▲ 0.25 (2.84%)
TREET 17.47 Increased By ▲ 0.77 (4.61%)
TRG 61.32 Decreased By ▼ -1.13 (-1.81%)
UNITY 27.43 Decreased By ▼ -0.01 (-0.04%)
WTL 1.38 Increased By ▲ 0.10 (7.81%)
BR100 10,407 Increased By 220 (2.16%)
BR30 31,713 Increased By 377.1 (1.2%)
KSE100 97,328 Increased By 1781.9 (1.86%)
KSE30 30,192 Increased By 614.4 (2.08%)

The US government has sold a former maharaja's mansion in Mumbai to an Indian billionaire for $105 million, the businessman's son said Monday, four years after it was put on the market. Lincoln House was home to the US consulate from 1957 to 2011 after it was purchased from a local maharaja (prince) who sold it to pay off his taxes.
Cyrus Poonawalla, one of India's richest men and founder of vaccine manufacturer the Serum Institute, has purchased the seaside mansion in the south of the Indian commercial capital for seven billion rupees. "We decided to go ahead with the deal given the market conditions and the good price to go with it," Cyrus's son Adar Poonawalla told AFP via email.
"In south Mumbai this is an ideally located, pristine and iconic Heritage property even though this will mean that no redesigning will be permitted," he added. Adar Poonwalla, who is CEO of Serum, said the total cost including taxes could reach eight billion rupees ($121 million). "The possession would be effected in approximately two months time and shall be utilised for the residence of the Poonawalla family," he said.
The protected building, built in the Breach Candy area of the city in 1938, occupies two acres of land and looks out on the Arabian Sea. It was previously known as Wankaner Palace after the maharaja who owned it. The US consulate moved to a purpose-built facility in Mumbai's north in 2011. A spokesman at the consulate refused to comment on the sale of Lincoln House.

Copyright Agence France-Presse, 2015

Comments

Comments are closed.