by THO
Mumbai-based real estate firm Ashar Group, which is developing Dilip Kumar’s bungalow in Bandra’s tony Pali Hill area into a luxury project ‘The Legend’, said on November 12 that it has achieved sales of ₹500 crore by closing four transactions in the project.
“‘The Legend by Ashar’ on Pali Hill, Bandra, has achieved a milestone, crossing ₹500 crore in sales within 15 months of its launch. This achievement reflects the strong demand for opulent residences in one of Mumbai’s most coveted neighbourhoods and sets a new benchmark for high-end real estate in the city,” the company said in a statement issued on December 12.
The company plans to construct 19 luxury apartments, with a total revenue potential of ₹850 crore.
The company has announced the sale of four luxury apartments, including triplexes, out of the 19 units it plans to sell. The company said one of these four transactions has been registered, and the other three are expected to be registered in the next two months.
The first apartment was bought by Apco Infratech Private Limited, a company involved in the construction of infrastructure projects across the country. Apco Infra had purchased a sea-view triplex apartment worth ₹155 crore in Bandra’s Pali Hill area of Mumbai in July 2024, according to property registration documents accessed by Zapkey.com
The company said three more transactions for luxury apartments have now been closed for around ₹1.50 lakh per sq ft. The homebuyers include chartered accountants, infrastructure firm promoters, and businessmen, and the transaction is expected to be registered by the end of January or February.
“This transaction underscores the appeal and market value of ‘The Legend by Ashar,’ attracting high-net-worth individuals (HNIs) who cherish sophistication, timeless heritage, and the irresistible allure of Pali Hill, and this was reaffirmed with subsequent transactions securing an average rate of ₹1.71 lakhs per sq ft,” the company statement said.
“Surpassing ₹500 crore in sales for ‘The Legend by Ashar’ is a testament to the project’s exceptional quality, exclusivity, and the resilience of Mumbai’s luxury real estate market. This milestone reflects Ashar Group’s commitment to delivering ultra-luxury spaces embodying heritage and innovation,” said Ajay Ashar, CMD, Ashar Group and Vice Chairman, MITRA.
Dilip Kumar Bungalow redevelopment plans
Dilip Kumar’s bungalow redevelopment project, ‘The Legend,’ will comprise 4—and 5-BHK luxury apartments, including duplex units, and a 2,000-square-foot museum dedicated to the Bollywood legend.
In March 2016, Dilip Kumar entered into a development agreement with Ashar Group that paved the way for this luxury housing project.
Also Read: Dilip Kumar’s Pali Hill bungalow to make way for boutique flats, thespian museum
Pali Hill’s Bollywood connection
Pali Hill is a premium address where several Bollywood stars and high-net-worth individuals have bought homes. According to local brokers, the per sq ft rate of several luxury housing projects in and around Pali ranges from ₹1.30 lakh to ₹1.50 lakh per sq ft and above.
Besides Dilip Kumar’s bungalow, 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, and Sanjay Dutt.
