Aamir Khan’s housing society redevelopment: MICL plans to launch a luxury project in Mumbai’s Pali Hill by December 2025
Bollywood actor Aamir Khan owns as many as 12 flats in Mumbai’s upscale Pali Hill, which is set to be redeveloped by MICL along with Wadhwa and Chandak Group
Man Infraconstruction Limited (MICL), a listed real estate developer, plans to launch an ultra-luxury project in Mumbai’s upscale Pali Hill locality in Bandra by December 2025. The project will be developed as part of the redevelopment of the Virgo Cooperative Housing Society, where Bollywood actor Aamir Khan owns multiple apartments.
"The project is currently under the approval stage, and we, along with our partners, are working on the documentation with the society. The target now is to launch the project in December 2025, Manan Shah, Managing Director of MICL, told HT.com
In December 2023, the MICL announced it would undertake the project redevelopment through one of its associate entities, which holds a 34% stake.
The housing society is being redeveloped by Atmosphere Realty- a joint venture between three real estate companies – Wadhwa Group, MICL and Chandak Group.
Bollywood actor Aamir Khan, who owns approximately 12 apartments in the building, will receive a unit in the rehabilitation section of the project, along with the other existing residents.
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Aamir Khan has acquired another property in the upscale Pali Hill locality of Bandra, measuring 1,027 sq ft, for over ₹9 crore. The transfer deed was finalised in June 2025, attracting a stamp duty of ₹58.5 lakh and a registration fee of ₹30,000, according to property registration documents accessed by Square Yards.
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Mumbai’s luxury housing market sees tepid sales in the above ₹1 lakh per sq ft segment
According to Manan Shah, while overall sales have been strong, there is noticeable sluggishness in the ultra-luxury segment of Mumbai’s real estate market.
“Sales have been very good for us overall. However, there is some slowdown in the segment priced above ₹1 lakh per sq ft. Any product priced at ₹30 crore or more is witnessing slower movement,” Shah said.
"There is a very limited number of homebuyers in that price segment, but sales are also slow, maybe because everyone these days is making larger apartments," Manan Shah said.
According to Manan Shah, the luxury apartments in their Pali Hill redevelopment project, which includes the redevelopment of Aamir Khan’s housing complex, are expected to be priced above ₹1 lakh per sq ft.
“But frankly, we’re not concerned about the sales pace there,” Shah said. “Even if the market is slow, we’re comfortable because the project’s cash flow is secured. Our focus is on profitability, and slower sales are just a part of doing business.”
