Man Infraconstruction Limited (MICL), a listed real estate developer, plans to launch an ultra-luxury project with luxury apartments priced at above ₹1 lakh per sq ft in Mumbai’s upscale Pali Hill locality of Bandra by December 2025. The luxury project will be developed as part of the redevelopment of the Virgo Cooperative Housing Society, where Bollywood actor Aamir Khan owns multiple apartments.
Aamir Khan, who is in the news for his poster of Sitaare Zameen Par, a spiritual sequel to his critically acclaimed Taare Zameen Par (2007), owns approximately 12 apartments in his building, which is expected to undergo redevelopment by the end of 2025.
Aamir Khan will receive a new set of units as the building undergoes redevelopment. The project will be developed as part of the redevelopment of the Virgo Cooperative Housing Society.
The housing society is being redeveloped by Atmosphere Realty- a joint venture between three real estate companies – Wadhwa Group, MICL and Chandak Group.
{{/usCountry}}The housing society is being redeveloped by Atmosphere Realty- a joint venture between three real estate companies – Wadhwa Group, MICL and Chandak Group.
{{/usCountry}}In December 2023, the MICL announced it would undertake the project redevelopment through one of its associate entities, which holds a 34% stake.
"The project is currently under the approval stage, and we, along with our partners, are working on the documentation with the society. The target now is to launch the project in December 2025, Manan Shah, Managing Director of MICL, told HT.com in April 2025.
According to Manan Shah, Managing Director of MICL, the luxury apartments in their Pali Hill redevelopment project (which includes the redevelopment of Aamir Khan’s housing complex) are expected to be priced above ₹1 lakh per sq ft.
According to Manan Shah, while overall sales have been strong for their company, there is noticeable sluggishness in the ultra-luxury segment of Mumbai’s real estate market.
“Sales have been very good for us overall. However, there is some slowdown in the segment priced above ₹1 lakh per sq ft. Any product priced at ₹30 crore or more is witnessing slower movement,” Shah said.