Billionaire Poonawala Pays 750 Crores for Mumbai Mansion

File photo: Cyrus Poonawalla

The seaside mansion was used as the US consulate from 1957, and later renamed Lincoln House. It was put on the market four years ago, after the consulate was relocated to a purpose built compound in a newer business district.

Poonawalla, one of India’s richest men, told the Times of India newspaper that he secured the property after real estate groups were told there were limits on potential redevelopment plans for the heritage-listed house and seaside plot.

It was not immediately possible to reach the Poonawalla family. DTZ, the agency that sold the property, also declined to comment.

Last week, the family of billionaire industrialist Kumar Mangalam Birla said it had bought Jatia House, another of south Mumbai’s rare bungalows, for Rs 390 crore.

Analysts said Poonawalla’s move is the most expensive home purchase to date in India. Mumbai is already home to the most expensive private home in the world, Antilia, the purpose-built 27-floor home of India’s richest man, Mukesh Ambani.

© Thomson Reuters 2015