Amitabh Bachchan rents out commercial office space for Rs 2.7 crore annually

Pali Hill housing society that has Actor Aamir Khan’s flat goes for redevelopment

In another development in the realty sector, Mumbai’s Man Infra Construction Limited (MICL) has secured redevelopment rights for the Virgo Co-operative Housing Society on Pali Hill, Bandra (West), which interestingly includes a flat owned by actor Aamir Khan.

The project covering a plot area of 35,000 sqft is expected to be launched in mid-2024 and interestingly includes a flat owned by actor Aamir Khan.

Parag Shah, a legislator of the Bharatiya Janata Party (BJP) representing the Ghatkopar East Assembly constituency, is the non-executive director and chairman Emeritus in MICL, according to the company’s website.

MICL in a statement on December 29 outlined that one of its associate entities, in which it holds a 34 per cent stake, will undertake the property’s redevelopment. The plan includes constructing 50,000 sqft for sale, aiming for a total value of Rs 500 crore. The project will feature upscale 4 and 5 BHK apartments, ranging in inventory costs from Rs 18 crore to as high as Rs 100 crore.

Manan Shah, MICL Group managing director, said, “Taking on this redevelopment opportunity, we are strategically expanding our real estate portfolio within the luxury segment, responding to the great demand and absorption in this segment.”

Reportedly, Dilip Kumar’s bungalow at Pali Hill is also undergoing redevelopment by the Ashar Group, another prominent developer. Ajay Ashar, the CMD of the real estate company, is purportedly a close friend of Maharashtra Chief Minister Eknath Shinde.