The Aga Khan Development Network (AKDN) will spend Rs 2,000 crore to build a luxury residential property in south Mumbai’s Mazgaon area, its first commercial real estate project.
A total of 1.6 million square feet in two high-rises will be built on a 4.5 acre plot. The area currently houses the 77-year-old Prince Aly Khan Hospital and residential units, which will be demolished and reconstructed.
The upcoming project, named The Aga Hall Estate, will offer 373 two- and three-bedroom apartments. Construction has started and the completion, as per the Maharashtra Real Estate Regulatory Authority, is in 2029.
The redevelopment project consists of two residential high-rises – a 45-storey building with apartments to rehabilitate about 155 existing residents and a 54-storey tower with apartments for sale.
Prices start at Rs 3.25 crore plus taxes for 660 sq. ft apartments up to the 30th floor, Rs 3.99 crore plus taxes for 841 sq. ft apartments till the 25th floor, and Rs 6.6 crore plus taxes for 1,404 sq. ft three-bedroom flats till the 20th floor, AKDN said in a statement on October 28.
Hospital reconstruction
The construction is being funded through the sale of apartments by the Prince Aly Khan Hospital with the support of AKDN and bank finance.
The Aga Hall Estate residential complex will include state-of-the-art infrastructure and facilities, the AKDN said in a statement on October 12. A key component of the project is the development of a new, multispecialty Prince Aly Khan Hospital, it said.
“Anticipating surplus revenue or profits from the investment will be difficult right now, but whatever amount will be generated as surplus revenue will be used for re-construction of Prince Aly Khan Hospital by the Prince Aly Khan Hospital Trust that owns the land and hospital,” said Vipin Mittal, CEO projects, Aga Khan Agency for Habitat India, which is part of the Aga Khan Foundation.
“The entire surplus revenue will be used for re-construction of the hospital under CSR initiative, and the hospital will be shifted in a land parcel opposite to the current location.”
The Prince Aly Khan Hospital dates back to 1945, when it started as a 16-bed facility in the Dongri area of south Mumbai. The hospital has since transformed into a 150-bed multispecialty facility that serves over 170,000 outpatients and 9,000 in-patients annually. It will now be converted into a 300-bed hospital.
“The intent is for the residential redevelopment to fund a new hospital facility. We have a unique opportunity here to build a hospital that will offer world-class, affordable healthcare, across a range of specialisations,” said Amin Manekia, chairman of Aga Khan Health Services, India.
Aga Hall was the home of the 1st Aga Khan who moved from Persia to India in the 1840s. It soon became home to the early Ismaili community in India.
During the construction, the 140-year-old Aga Hall Estate gate and fountain will be preserved for reinstallation.
“Aga Hall Estate has a long history associated with generations of my family and has been at the centre of community life for many decades, providing homes, education and health facilities to residents and the broader community of South Mumbai,” said Princess Zahra Aga Khan, daughter of global Shia spiritual leader, the Aga Khan.
“The aim of this redevelopment is to improve all of the facilities offered at the site and create a very high-quality experience for people living, visiting, or accessing the services at the complex.”
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