Bollywood actor Aamir Khan’s building in the upmarket location of Bandra in Mumbai is set to go for redevelopment. Aamir owns 9 of the 24 apartments in the two buildings called Bella Vista and Marina Apartments at Pali Hill. The existing buildings will be demolished. On that plot of less than one acre, a new development will come up.
The society initiated the process for redevelopment and Atmosphere Realty emerged as the winner. Atmosphere Realty is a joint venture between three real estate companies – Wadhwa Group, MICL and Chandak. The company is currently executing the premium Atmosphere project at Mulund in Mumbai.
Sources say the Wadhwa Group was involved in negotiations with the society from early stages. The company was unavailable for comment. Other builders that were keen to undertake the redevelopment were Kalpataru, K. Raheja, Oberoi Realty.
Given his ownership stake in the building, the Bollywood superstar was keenly involved and driving the redevelopment. Existing apartment owners will get homes with 55-60% extra area in the new building.
The price for apartments in new buildings in that area is between Rs 80,000-Rs 1,25,000 per square feet.
Pali Hill ranks among the top 3 locations within the upmarket suburb of Bandra that has seen a burst of redevelopment activity in the last two years. Rustomjee, K. Raheja, Prestige have undertaken projects in the market. Recently Ashar Group announced the redevelopment of Dilip Kumar’s bungalow in Pali Hill.
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