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Dilip Kumar’s bungalow redevelopment: Apco Infratech Pvt Ltd buys ₹155 crore sea-view apartment in Mumbai's Pali Hill
The triplex apartment in Pali Hill was sold at the rate of ₹1.62 lakh per sq ft on total agreement value. The plot earlier housed Dilip Kumar's bungalow
Apco Infratech Private Limited, a company involved in the construction of infrastructure projects across the country, has purchased a sea-view triplex apartment worth ₹155 crore in Bandra's Pali Hill area of Mumbai, according to property registration documents accessed by Zapkey.com
The triplex spread across 9,527 sq ft of carpet area is located on the 9th, 10th and 11th floors of a project named The Legend being built by Black Rock, a subsidiary of the Ashar Group. The company had announced in 2023 that it was undertaking the construction of a luxury building on the plot that once housed Dilip Kumar's bungalow.
The redevelopment project, named 'The Legend,' will comprise 4 and 5-BHK luxury apartments, including duplex units, and will also house a 2,000 sq ft museum dedicated to the Bollywood legend Dilip Kumar.
The triplex was sold at ₹1.62 lakh per sq ft considering the total agreement value, which is one of the highest per sq ft deal in the recent past in the Mumbai real estate market, according to local brokers.
The transaction was registered on July 23, 2024. The triplex comes with eight car parking spaces, according to the property registration documents accessed by Zapkey.com
The stamp duty paid for the transaction was ₹9.30 crore and the registration fee was ₹30,000, according to the documents.
Ashar Group in a statement confirmed the transaction. While the agreement value of the transaction remains to be ₹155 crore, Ashar Group in a statement said the sea-view apartment was sold for a total value of ₹172 crore.
The total cost of ₹172 crore also includes stamp duty and other taxes applicable for purchasing the apartment in a under construction building, market sources said.
An email query sent to Apco Infratech Pvt Ltd did not get any response.
Actor Dilip Kumar entered into a development with Ashar Group in 2016
In March 2016, Dilip Kumar entered into a development agreement with Ashar Group that paved the way for this luxury housing project.
The developer announced last year that it planned to construct around 15 luxury apartments. It said that it would construct apartments keeping in mind the distinguished tastes of industrialists, entrepreneurs, cultural luminaries, Indian cinema’s finest, global athletes, and Fortune 500 CXOs.
Also Read: Lloyds Group promoter’s family buys property in Mumbai for ₹107 crore
Pali Hill's Bollywood connection
Pali Hill is a premium address where several Bollywood stars and high net worth individuals have bought homes. The per sq ft rate of several luxury housing projects range from ₹1 lakh per sq ft and above, according to local brokers.
Pali Hill was in the news recently after KL Rahul, cricketer and his wife Athiya Suneil Shetty, daughter of Bollywood actor Suniel Shetty, have purchased an apartment in Pali Hill area in Bandra, Mumbai for ₹20 crore on July 15.
Apart from housing Dilip Kumar's bungalow in the past, Pali Hill has been home to several Bollywood stars, such as the late Sunil and Nargis Dutt, the late Rishi Kapoor, Neetu Singh, Gulzar, Imran Khan, Aamir Khan, Sanjay Dutt, among others.
Bollywood actor Aamir Khan recently added a new asset to his real estate portfolio by buying a luxury property in Mumbai’s posh area Pali Hali.
Also Read: Aamir Khan’s Pali Hill society to go into redevelopment
He had bought an apartment in an up-scale building for over ₹9 crore.
