by THO
Listed real estate developer Man Infraconstruction Limited (MICL) plans to launch a uber luxury project in Bandra’s Pali Hill area of Mumbai in the first quarter of next financial year. The project will be launched as part of redevelopment of Virgo Cooperative Housing Society where Bollywood actor Aamir Khan owns a few apartments.
“The project is currently under approvals, and we are aiming to launch the project in the first quarter of FY26,” Manan Shah, Managing Director of MICL told HT.com
The company had in December 2023 said that MICL will be redeveloping the project through one of its associate entities in which it holds a 34% stake.
Aamir Khan owns a few apartments in the building and he will be eligible for an apartment in the rehab component of the redeveloped project along with other tenants.
Khan had purchased another apartment in the same locality of Bandra’s Pali Hill measuring 1,027 sq ft for over ₹9 crore. The transfer deed, which was finalised in June 2025, incurred a stamp duty of Rs. 58.5 lakh and a registration fee of Rs. 30,000, documents accessed by Square Yards showed.
“The sale component of the redevelopment project will have 4 and 5 BHK sea-view apartments in the uber luxury segment,” Manan Shah, Managing Director of MICL Group had said in December 2023.
He had added that inventories in the project may cost more than ₹100 crore.
The company in its investors presentation for Q2FY25 had reported that the residential redevelopment project is being executed under the joint venture (JV) model with a 34% stake. The company has added that the project will have potential of 50,000 sq ft RERA carpet and a sales potential of ₹500 crore.
What is redevelopment?
Under the redevelopment model, a developer signs a development agreement with homeowners residing in the old apartments.
The developer promises extra area to each of the flat owners after redevelopment. In exchange, the developer gets to utilize the remaining unused Floor Space Index (FSI) of the plot and build additional homes to sell at a premium in the open market.
About Pali Hill’s Bollywood connect
Pali Hill is a premium address of Bandra, Mumbai, where several Bollywood stars, cricketers 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.
KL Rahul, cricketer and his wife Athiya Suneil Shetty, daughter of Bollywood actor Suniel Shetty in July 2024, purchased an apartment in Pali Hill area in Bandra, Mumbai, for ₹20 crore, according to the property registration documents accessed by IndexTap.com
Apco Infratech Private Limited, a company involved in the construction of infrastructure projects across the country, had in July 2024, 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 apartment was purchased in a project named ‘The Legend,’ by Ashar Group being constructed as part of Bollywood legend Dilip Kumar’s bungalow redevelopment. The building will comprise 4 and 5-BHK luxury apartments, including duplex units, and will also house a 2,000 sq ft museum dedicated to Dilip Kumar.
