Pali Hill's Virgo cooperative housing society ltd – in which actor Aamir Khan owns an apartment – is all set for redevelopment launch in mid-2024. On Friday, Man Infraconstruction Ltd (MICL) announced that it would be soon taking up the project having the sale construction potential of 50,000 sqft, with expected top line revenue of Rs500 crore. Being a house owner in the posh society, Khan will be eligible for an apartment in the rehab component of the redeveloped project.
Letter of intent received from society: MICL MD
“We have got a Letter of Intent from the society. Now, we will carry out the process of signing a development agreement followed by RERA registration. The sale component of the redevelopment project will have sea-view four and five BHK apartments in the uber luxury segment,” said MICL Group Managing Director Manan Shah.
“The expected price range could be Rs18 crore, with few inventories also going above Rs100 crore. We are anticipating a price of Rs1.25 lakh per sqft. However, we are yet to finalise prices and the said rates are indicative,” underlined Shah. As per the MICL’s statement, the project's plot size is 35,000 sqft and the company will redevelop the project through one of its associate entities wherein it holds a 34% stake.
Area known as abode of the stars
Tony Pali Hill, a micro-market in Bandra area, is known as the abode of the stars. Dilip Kumar's bungalow, which stood on a sprawling 2,000 sq m land parcel here, recently went for redevelopment. In the upmarket suburb of Bandra, Pali Hill also ranks among the top locations that has experienced an increasing number of old buildings going for redevelopment.
