Mumbai redevelopment: MICL working on development agreement of Aamir Khan’s housing society in Pali Hill

Man Infraconstruction Limited hopes to commence construction of the Pali Hill redevelopment project in Mumbai by Diwali this year

Published on: Mar 14, 2024, 19:30:52 IST

By HT News Desk

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Man Infraconstruction Limited (MICL), a listed developer, that had announced that it will redevelop a housing society in Pali Hill area in Mumbai, where actor Aamir Khan resides, said on March 14 that it is working on the development agreement and will be ready with the final plan soon.

Man Infraconstruction Limited (MICL), that had announced that it will redevelop a housing society in Pali Hill area, where actor Aamir Khan resides, said on March 14 that it is working on the development agreement.

Manan P Shah, Managing Director told HT Digital that "We are working on the development agreement currently. We are on the verge of cracking the final plan. We are anticipating the launch by Diwali and the commencement of the construction process as well.”

In December 2023, the company had said that Man Infraconstruction Limited through, one of its associate entities wherein it holds a 34% stake, will undertake the redevelopment of the property belonging to Virgo Co-operative Housing Society Limited, located in the plush Pali Hill area of Bandra West.

Also Read: Mumbai real estate market: Here’s why listed realtors are making a beeline for redevelopment projects

This landmark project has the potential to offer carpet area for sale of about 50,000 sq ft area and is expected to generate total revenue of about ₹500 crore, it had said.

The project is being developed by Atmosphere Realty, which has Manan Shah, Naveen Makhija and Manohar Chhabria of Wadhwa Group, and Abhay Chandak of Chandak Group as promoters.

All about the Pali Hill society where Aamir Khan lives

The society is spread across 3,300 sq m. It has two wings called Bella Vista and Marina.

Also Read: Celebrity Lifestyle Series: Inside the palatial homes of Bollywood and TV stars

Pali Hill is one of the premium addresses in Bandra West. Property rates in the area range from ₹1 lakh to ₹1.25 lakh per sq ft. Several leading developers have premium projects in this area such as Rustomjee Parishram, Prestige Daffodils and Ashar Group’s Navroze.

Also Read: Aamir Khan buys property worth ₹35 cr, will now pursue entrepreneurial dreams

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HT News Desk
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