It is expected that the US government will sell many of the properties it currently holds in India after it hired the property consultancy firm Knight Frank to value the properties and implement a strategic review of the properties it holds in the country. It is estimated that the total value in is in the multiple thousands of crores.
Speaking about the move, a spokesman from the consultancy firm said: "The strategic review and valuation is being done to understand the best use of all the properties, including selling some of them. Many foreign governments get reviews done intermittently. While a level-1 analysis is for compliance and regulatory purposes, a level-2 analysis, which includes both a strategic review and valuation, could include sale of some assets."
The properties, which at present help to house US schools, libraries, residences, consulates, embassies and offices, occupy prime locations across many of the main cities in India, including Delhi, Mumbai, Kolkata and Chennai. Recent moves in the property market in the country mean that the value of the properties has soared over recent years and it is believed that the US government is looking to take advantage of this fact. The heavily guarded embassy building in the diplomatic area and the American Center, which is located in Kasturba Gandhi Marg, would all fetch very good prices if a buyer could be found.
It is not yet clear which of the buildings, which include many landmark properties, will be put up for sale.