HOABL MARINE LINES RESIDENTIAL PROJECT (AMERICAN CENTER REDEVELOPMENT) — New Project Coming Up in Marine Lines, Mumbai
A Historic Landmark Reimagined
The House of Abhinandan Lodha (HoABL) acquired the American Center, a ground-plus seven-storey property in Marine Lines, through its subsidiary HoABL Infraworld Pvt Ltd. The property spans 1,337.81 sq m (0.33 acres). The transaction was finalized on November 29, 2024, with a purchase price of ₹55.98 crore.
Originally constructed in 1968, the building served as a residential facility for U.S. ambassadors to India until the early 1990s, later serving administrative purposes for the U.S. Consulate. Over its tenure, the property housed the American Library, the US-India Educational Foundation, the US Foreign Commercial Service, and the press and cultural affairs offices. The building remained vacant for over a decade after the US Consulate shifted to Bandra Kurla Complex (BKC).
Acquisition and Government Approvals
The acquisition was in the works for three years and required approvals from both the Indian and U.S. governments, including the Ministry of External Affairs (MEA) and the U.S. Embassy. The acquisition marks a new chapter for the developer, who split from the Lodha Group nine years ago and established his own entity, HoABL.
Development Potential and Market Context
The property has a development potential of close to 60,000 sq ft. The planned redevelopment aims to create a residential complex offering views of Marine Drive and Mumbai Harbour. This acquisition marks the company's entry into vertical city-centric developments.
South Mumbai's real estate is known for its exclusivity and premium pricing, with residential rates ranging between ₹80,000 to ₹1 lakh per sq ft (carpet area). The availability of land parcels in this area is scarce, making this acquisition a rare and strategic win for HoABL Group.
HoABL's Mumbai Expansion
HoABL's strategic entry into vertical real estate is marked by three projects across Mumbai: the American Culture Center in Marine Lines, a project overlooking Chowpatty beach, and a Joint Development Agreement with Mittal Builders in Naigaon. The three projects have a collective development potential of 3.1 million square feet, with expected revenue of ₹3,500 crore and a total investment of ₹2,500 crore.
HoABL has completed plotted developments in key locations including Dapoli in Maharashtra and Goa in the past four years. Around 700 acres are currently under active development across six sites, including Alibaug, Anjarle, Dapoli, Neral, Goa, and Ayodhya, with delivery expected over the next two months to two years.
All three projects are expected to be launched from the second quarter of 2025-26 and would be completed over the next five years.