Mumbai, Dec 29 (IANS): Man Infraconstruction Ltd will redevelop a building partly owned by Bollywood mega-star Aamir Khan in the posh Pali Hill area of Bandra west, a statement said here on Friday.

The sea-facing building with Aamir Khan and other owners stands on a plot of around 37,000 square 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 in which 9 are owned by Khan.

The building will have ultra-luxury flats with a sale component of around 50,000 square feet 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 per cent extra area compared with the existing area.

The flats in the revamped building, each with sea-view and four and five BHKs, are likely to cost in the range of Rs. 125-K psf, as per current market indications in the Pali Hill neighbourhood.

The picturesque Pali Hill is considered the abode of stars and other celebs, and marks the start of the ‘glamour crescent’ that extends from Bandra west to Oshiwara on the west coast of Mumbai.

Bandra, Khar, Santacruz, Vile Parle Juhu, Versova and beyond to the north and the surroundings is home to many glamour personalities from films, television and the entertainment industry, besides big business persons, honchos of Indian and foreign companies, politicians and others.

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.