Buyers queue up for US consulate properties

Aniruddh Wahal,director for business development at DTZ International Property Advisors — the consultants for the two consulate properties — said both local and oversees parties have come forward. “But the properties do not qualify for Foreign Direct Investment in terms of its size,value and current use. So,the only way an oversees party can own the property is if a local developer buys it,changes its use to say a hotel and then sells it to him,” said Wahal.

He added that the prime location of the properties,sea view of the consulate,large size and clear title have generated interests from those who have been for long scouting the market for land for constructing premium residential or hotel projects.

However,sources said the recent reported claim by the Mumbai unit of the Indian Army (Maharashtra,Gujarat and Goa headquarters) claiming ownership of the Lincoln House consulate plot has put a spoke in the wheels of the bidding process. The information memorandums,which were to be handed to all interested parties over a week ago,will now be ready only next week.

“The Consulate has shot down the Army’s claims to the land. But to safeguard the buyer’s interest,they have decided to add a comfort clause in the eventuality of the Army pursuing the matter further,” said one of the prospective bidders.