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Bollywood actor Aamir Khan's property at Pali Hills, Bandra is slated for a redevelopment project. There is one building in the society with two wings, namely Bella Vista and Marina. Aamir owns nine out of the 24 apartments in the two buildings. The current structures will be razed, making way for entirely new development. This plot at Pali Hills is less than one acre in size.
The housing society initiated the redevelopment process, and Atmosphere Realty emerged as the winning bidder. Atmosphere Realty is a collaborative effort between three real estate firms: Wadhwa Group, MICL, and Chandak. Notably, the Wadhwa Group had been engaged in discussions with the society from the project's early stages. Other developers who expressed interest in undertaking the redevelopment included Kalpataru, K. Raheja, and Oberoi Realty.
Given his ownership stake in the buildings, the Bollywood superstar actively participated in and drove the redevelopment process. As part of the new building, current apartment owners can expect larger homes, offering an additional 55-60% of living space. The pricing for apartments in new buildings in Pali Hills ranges from Rs 80,000 to Rs 1,25,000 per square foot. Thus, this additional space is a great deal for the owners.
Pali Hill stands as one of the top three locations in the upscale suburb of Bandra, which has witnessed a surge in redevelopment activities over the past two years. Prominent real estate developers like Rustomjee, K. Raheja, Prestige have undertaken projects in the area. More recently, Ashar Group announced the redevelopment of Dilip Kumar's bungalow in Pali Hill.
In conclusion, the present redevelopment venture in Bandra's Pali Hill exemplifies a booming trend in the region. This surge in redevelopments offering more spacious and upscale apartments, reflects Bandra's evolving real estate landscape.
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