Famous construction and developer 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. The actor moved into a rented sea-facing flat in Freeda Apartments off Carter Road in Bandra, a western Mumbai suburb.
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 elucidated 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.
Reportedly, 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.
The Managing Director of MICL Group,Manan Shah said,"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."
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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