While the residential real estate may still be in a limbo, high-end property deals seems to the order of the day. Days after Kumar Mangalam Birla bought the Jatia House, Cyrus Poonawalla is understood to have sealed a deal to buy the iconic Lincoln House for Rs 750 crore.

Sources close to the development said that the deal was concluded on Saturday.

Lincoln House, a two acre Grade-III property at Breach Candy has a built-up area of around 50,000 sq ft. It used to house the US Consulate. The property once belonged to the Maharaja of Wankaner. The 8,345 sq m plot was given on a 999-year lease to the US government half a century ago.

Pune-based Cyrus Poonawalla intends to use Lincoln House as a family residence.

In 2011, the US Consulate had put the two of its properties on block – the Lincoln House in Breach Candy and Washington House in Altamount Road. In 2012, Lodha bought the Washington House for Rs 375 crore. However, despite high buyer interests, Lincoln House could not get a buyer due to the Rs 850 crore tag attached to it.

In July 2012, Municipal Corporation of Greater Mumbai, had upped the heritage status of Lincoln House from grade III to II-B.

Sources said that buyers were apprehensive of buying the property as there were several restrictions in place for change especially external structures. This also reduced the re-development potential of the property.

Players like Tata Realty were among those who were previously eyeing the property.

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