The redevelopment will be carried out by Man Infraconstruction Ltd., the statement said.
The sea-facing building with Aamir Khan and other owners stands on a plot of around 37,000 sq. feet, and the redevelopment is likely to start in mid-2024.
The property is Virgo CHS Ltd., comprising two wings—Bella Vista and Marine—with 24 flats, of which 9 are owned by Khan.
The building will have ultra-luxury flats with a sale component of around 50,000 sq. ft., targeting an expected revenue of around Rs 500 crore, and MICL will redevelop it through an associate company.
After redevelopment, each of the existing owners shall be eligible for bigger flats, with around 55–60 percent extra area compared with the existing area.
The flats in the revamped building, each with a sea view and four to five BHKs, are likely to cost in the range of Rs 125-K psf, as per current market indications in the Pali Hill neighbourhood.
A few prominent denizens of the area include Shah Rukh Khan, Salman Khan, Sanjay Dutt, Saira Banu, Rekha, Amitabh Bachchan, Shabana Azmi-Javed Akhtar, Anil Kapoor and clan, Rani Mukherjee, Farah Khan, Vivek Oberoi, top film producers-directors, music directors, et al., besides their offices also located in the region. (UNI)
