Team Blitz India
The Secretary of State for Foreign, Commonwealth and Development Affairs of the United Kingdom of Great Britain and Northern Ireland has secured office space spanning nearly 15,000 sq ft in the commercial tower, One Lodha Place, situated in Mumbai’s bustling business district of Lower Parel.
The acquisition, valued at over Rs 101.25 crore, sees the UK Consulate procuring office space comprising 12 units on the 19th floor from Lodha Group’s listed entity, Macrotech Developers.
Rs. 100 stamp duty Remarkably, the transaction, finalised on May 28, saw the buyer paying a mere Rs. 100 as stamp duty for registration, as per documents accessed through Propstack cited in a report by The Economic Times.
Typically, property registration in Mumbai incurs a 6% stamp duty charge. However, consulates in India enjoy exemptions from such duties on property transactions and other official legal documents, in adherence to international conventions and national laws.
This significant acquisition underscores the UK Consulate’s enduring commitment, as it prepares to relocate from its current office in Mumbai’s Bandra-Kurla business district to the new address in Lower Parel, as confirmed by sources familiar with the matter. The office tower, developed by One Place Commercial Pvt Ltd, a subsidiary of Macrotech Developers, is fully constructed and ready for immediate occupancy.
Standing tall at 173 metres, the tower comprises 28 floors, along with 10 podium levels, two basement levels, two service levels, and a terrace.
