MICL unveils Rs 500 crore redevelopment in Mumbai's Pali Hill; luxury apartments launching mid-2024

Man Infraconstruction Limited (MICL) has revealed plans for a redevelopment project in Mumbai's Pali Hill area, Bandra according yo media reports. This project includes the construction of 50,000 sqft for sale, targeting a revenue of Rs 500 crore. The focus is on developing upscale 4 and 5 BHK apartments, with a launch expected in mid-2024.

A notable aspect of this redevelopment is that Bollywood actor Aamir Khan is amongst the home owners in the Virgo Co-operative Housing Society Limited in Pali Hill, Bandra. As part of the project, he will be eligible for an apartment in the rehabilitation segment.

MICL, with a 34 per cent stake in one of its associate entities, is overseeing the redevelopment of the property owned by Virgo Co-operative Housing Society Limited. The plot size for the project is 35,000 sq ft, and the company is in possession of a letter of intent from society. The process involves signing a development agreement, obtaining RERA registration, and further steps.

Manan Shah, Managing Director, MICL Group, mentioned, "The sale component of the redevelopment project will feature sea-view 4 and 5 BHK apartments in the uber luxury segment." While indicative pricing suggests a range of Rs 18 crore to over Rs 100 crore, with an anticipated per sq ft price of Rs 1.25 lakh, final pricing details are yet to be confirmed.

Pali Hill, specifically Tony Pali Hill in Mumbai's Bandra, is known as a micro-market known for housing celebrities. Dilip Kumar's bungalow recently underwent redevelopment. The area has witnessed a growing trend of old buildings being redeveloped, making it a sought-after location within the upscale suburb of Bandra.