FCC

UK Consulate Acquires Prime Office Space in Mumbai

2024-06-12

The Secretary of State for Foreign, Commonwealth and Development Affairs of the United Kingdom has secured over 1.60 lakh sq ft of prime office space in Mumbai?s Lower Parel business district. The acquisition, spread across 12 units on the 19th floor of One Lodha Place, was completed for over Rs 1.01 billion.

The transaction, concluded on May 28, was registered with a nominal stamp duty payment of just Rs 100, taking advantage of the exemptions granted to consulates in India. These diplomatic privileges align with international conventions and national laws, allowing significant savings from the usual 6% stamp duty on property transactions.

The UK Consulate, currently located in Bandra-Kurla Complex (BKC), is set to move its operations to the newly acquired space in Lower Parel. This strategic move reflects a long-term commitment to Mumbai, underscored by the outright purchase of the property.

The 173-meter One Lodha Place, developed by One Place Commercial Pvt Ltd, part of Macrotech Developers, features 28 floors, 10 podium levels, two basement levels, two service levels, and a terrace.

The broader Mumbai office property market has shown robust performance, with a 13.8% year-on-year growth in gross leasing, totaling over 15.16 million sq ft in Q1 2024. This marks the third consecutive quarter where gross leasing has surpassed the 15 million sq ft mark, continuing the momentum from the historical high of 20.94 million sq ft in Q4 2023.