Listed company Man Infraconstruction Limited (MICL) on December 29, announced a redevelopment project in Mumbai's Pali Hill area of Bandra. The building also houses Bollywood actor Aamir Khan among other home owners. According to the company, the project will have a sale construction potential of 50,000 sqft and is expected to have a topline revenue of Rs 500 crore.
The company said that the plot size of the project is 35,000 sqft and it will have luxury apartments. It aims to launch the project in mid-2024.
MICL is redeveloping the project through one of its associate entities wherein it holds a 34 percent stake. The redevelopment involves property owned by Virgo Co-operative Housing Society Limited in Pali Hill, Bandra (West), Mumbai, Maharashtra, as per the company's December 29 statement.
Notably, Aamir Khan is one of the home owners in Virgo Society of Bandra's Pali Hill and will be eligible for an apartment in the rehab component of the redeveloped project.
Also read: Bollywood actor Aamir Khan’s building set to go for redevelopment
"We have got a letter of intent from the society, and now we will carry out the process of signing development agreement followed by other processes including getting RERA registration. The sale component of the redevelopment project will have sea-view 4 and 5 BHK apartments in the uber luxury segment," Manan Shah, the Managing Director of MICL Group told Moneycontrol.
"The expected price range could be Rs 18 crore and few inventories also going above Rs 100 crore. We are anticipating a per sqft price of Rs 1.25 lakh, however, we are yet to finalise prices and the above is just indicative pricing," Shah added.
About Pali Hill
Tony Pali Hill, a micro-market in Mumbai’s Bandra area, is known as the abode of the stars, among the biggest of whom was Dilip Kumar. Kumar's bungalow, a local landmark, stood on a sprawling 2,000 square metre (sq m) land parcel recently went for redevelopment.
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Dilip Kumar owned this bungalow for decades, and it is from here that he delivered superhits like Devdas, Naya Daur, and many more. Pali Hill also ranks among the top locations within the upmarket suburb of Bandra that has experienced an increasing number of old buildings going for redevelopment.
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