Bollywood actor-producer Atul Agnihotri, who is Salman Khan’s brother-in-law, is entering the real estate sector with a redevelopment project in Bandra, Mumbai. His firm, Shivansai Homemaker Infra LLP, will redevelop the 60-year-old Palimala Co-operative Housing Society, according to property registration documents accessed by Liases Foras.
The society comprises 11 members, where flats of five members are reportedly owned by the Agnihotri family and their company, Reel Life Production Pvt Ltd. The redevelopment project will change the current layout of the building which is only three stories high into a modern one, and the residents will thus have larger flats.
Recently, redevelopment projects have become more prominent in Maharashtra, most of the projects being of the buildings with seven floors or less. These redevelopment projects include the tearing down of the existing building and putting up a new and bigger structure. The people living in the building are given houses for free, and the developers sell the rest. The government collects stamp duty and taxes from the transaction.
The Palimala Co-operative Housing Society selected Agnihotri’s firm through a tendering process. The developer paid a token amount of ₹11 lakh in November 2025 and stamp duty of ₹1.08 crore for registering the transaction in December 2025. Currently, the society’s flats have a total MOFA carpet area of 8,565 sq ft, which will expand to 1,241 sq ft of RERA carpet area per member post-redevelopment.
The Agnihotri family’s share of 4,092 sq ft will increase to 5,934 sq ft of RERA carpet area, reflecting a 45% additional area for all members.
Under the redevelopment agreement, members will also receive hardship compensation of ₹4,500 per sq ft, a one-time shifting allowance of ₹1.75 lakh, and rental compensation of ₹1.50 lakh per month for 36 to 42 months. Brokerage charges of ₹1.50 lakh per member for temporary rental arrangements will also be covered by the developer.
Redevelopment activity in Mumbai will be strong until 2026. A report by Knight Frank India (September 2025) reveals that since 2020, 910 housing societies have signed DAs releasing almost 326.8 acres (1.32 million sq m) of potential land. The main micro-markets rehabbing these properties are Borivali, Andheri, and Bandra, which together provide over 139 acres of area. By 2030, the redevelopment segment will have delivered 44, 277 apartments valued at 1.30 lakh crore, while the free sale element is expected to generate 7, 830 crore in stamp duty and 6, 525 crore in GST.
Redevelopment schemes are a win, win: residents are given a bigger flat size on the newly constructed block, while the developer gets to sell the rest of the flats on the open market. Such projects, as per the 2025 review of Knight Frank India, will continue to efficiently utilize land, creating both government fiscal income and expanding housing stock for the market.
After the refurbishment, the locals will be able to enjoy lifestyle amenities of the modern era such as air conditioning in the bedrooms and living areas, Italian marble floors, branded bathroom fixtures, 43inch 4K LED TVs, and modular kitchens with microwaves, fridges, and washing machines.
Atul Agnihotri who has been identified with movies such as Sir (1993), Aatish: Feel the Fire (1994) and Krantiveer (1994), real estate development activities will be the third arm of his film production firm. This redevelopment is to some extent a mirror of the Mumbai trend, where the city is rejuvenating the old residential towers to upgrade the living conditions and financially compensate the residents.
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