Aamir Khan’s Pali Hill Property to Be Redeveloped into Luxury Project by MICL in Q1 FY26

Man Infraconstruction Limited (MICL), a prominent real estate developer, is set to launch a luxury residential project in Mumbai's Pali Hill area in the first quarter of the next financial year (Q1 FY26). This project is part of the redevelopment of the Virgo Cooperative Housing Society, where Bollywood actor Aamir Khan owns several apartments.

Located in Bandra's Pali Hill, the Virgo Cooperative Housing Society is undergoing significant changes. Aamir Khan, who owns apartments in the building, will be eligible for a new apartment in the redeveloped section of the complex, along with other tenants. MICL is managing the redevelopment project through a joint venture (JV) with a 34% stake. The project is awaiting final approvals, but the company aims to launch it in Q1 FY26.

The new development will feature 4 and 5-bedroom apartments with views of the sea. These apartments are aimed at the ultra-luxury market, with prices expected to exceed ₹100 crore for some of the units. Manan Shah, the managing director of MICL, shared that the project will span 50,000 square feet of RERA carpet area and is expected to generate ₹500 crore in sales potential. 

The redevelopment will not only provide new homes for the current residents of Virgo Cooperative Housing Society but also offer additional apartments for sale in the open market. This follows the typical redevelopment model, where developers use the unused Floor Space Index (FSI) to build more homes. These new apartments are then sold at a higher price, while existing tenants benefit from modern, larger apartments in the redeveloped building.

Pali Hill is known for being a prestigious address in Mumbai. It is home to many Bollywood celebrities, cricketers, and business magnates. The area’s luxury homes often feature large layouts and premium amenities, making it one of the most expensive neighborhoods in the city. Property prices in Pali Hill can exceed ₹1 lakh per square foot, making it a prime destination for high-net-worth individuals.

Recent property transactions in Pali Hill highlight the area’s continued appeal. In July 2024, cricketer KL Rahul and actress Athiya Shetty bought an apartment in the area for ₹20 crore. Apco Infratech, a company involved in infrastructure projects, purchased a sea-view triplex apartment for ₹155 crore in a project that also involves the redevelopment of Bollywood legend Dilip Kumar’s bungalow. These sales demonstrate the ongoing demand for exclusive, high-end properties in the area.

The redevelopment agreement between developers and residents typically involves offering tenants additional space in exchange for the right to build and sell new apartments. In this case, the redevelopment of Virgo Cooperative Housing Society will allow tenants to receive new, spacious apartments as part of the rehabilitation component of the project. In return, MICL will be able to build and sell luxury apartments to affluent buyers.

The redevelopment of Virgo Cooperative Housing Society is just one example of how Mumbai’s real estate market is evolving. Developers are increasingly focusing on prime locations, creating high-end projects to meet the needs of affluent buyers. 

Image source- bollywoodhungama