Restriction on redevelopment and uncertainty over other approvals have led to the US consulates' South Mumbai property, Lincoln House at Breach Candy, being finally sold about Rs 100 crore below its initial reserve price of Rs 850 crore.
The sprawling three-storey house is being sold at about Rs 750 crore to Cyrus Poonawalla, chairman of Poonawalla Group, that includes biotech company Serum Institute of India.
