Man Infraconstruction Limited (MICL), a prominent real estate developer, had announced that it will redevelop a housing society in Pali Hill area in Mumbai, where actor Aamir Khan resides. They declared that they are working on the development agreement which will be ready with the final plan very soon.
The Managing Director of MICL, Manan P Shah said, "We are working on the development agreement currently. We are on the verge of cracking the final plan. We are anticipating the launch by Diwali and the commencement of the construction process as well.”
In last year Decemeber, the company Man Infraconstruction Limited stated that one of its associate entities holds 34% stake and it will undertake the redevelopment work of the property belonging to Virgo Co-operative Housing Society Limited, located in the plush Pali Hill area of Bandra West.
The company said that the landmark project has a potential to offer carpet area for sale of about 50,000 sq ft and it is expected to generate total revenue of about Rs.500 crore. The project has been undertaken by Atmosphere Realty, which appointed Manan Shah, Naveen Makhija and Manohar Chhabria of Wadhwa Group, and Abhay Chandak of Chandak Group as promoters.
The society located in Pali hill, where Bollywood king Amir Khan stays is spread across 3,300 sq m. It consists of two wings called Bella Vista and Marina. This project of redevelopment will start by Diwali this year.
Pali hill is one of the most premium destinations in western part of Bandra. In this location, the price range of the property ranges between Rs.1 lakh to Rs.1.25 lakh per sq ft. Few of the renowned developers who have developed premium projects in this region include Rustomjee Parishram, Prestige Daffodils and Ashar Group’s Navroze.
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