Dilip Kumar's sea-view bungalow-turned-luxurious apartment complex sells for ₹172cr
What's the story
The former Pali Hill bungalow of late Bollywood superstar Dilip Kumar has been transformed into a luxurious housing complex. A sea-view triplex apartment in the complex was recently sold for ₹172 crore ($23M) to Apco Infratech Private Limited, a company known for its infrastructure projects across India. The apartment spans the building's 9th, 10th, and 11th floors and covers an area of 9,527 sq ft. This sale marks one of the highest per sq ft deals in the area.
Sale breakdown
Details of the luxurious apartment complex transaction
The property was reportedly sold at ₹1.62 lakh per sq ft. The total agreement value of the transaction was ₹155 crore ($20.8M), with an additional ₹9.3 crore ($1.25M) paid as stamp duty and a registration fee of ₹30,000 ($400). The redevelopment project is named 'The Legend' and is being undertaken by Ashar Group and Black Rock, a subsidiary of Ashar Group.
Project details
'The Legend' project to include a museum dedicated to Kumar
'The Legend' project will comprise both 4 and 5 BHK luxury apartments, including duplex units. It was announced in 2023 that around 15 luxury apartments would be constructed in the building. In addition to luxury apartments, 'The Legend' will also house a museum dedicated to Kumar. It will cover an area of 2000 sq ft and will be located on the ground floor with separate access.
Property history
Kumar's Pali Hill bungalow development will generate massive revenue
Kumar entered into a development agreement with Ashar Group in March 2016. The project is expected to be completed by 2027 and could potentially generate revenue of a whopping ₹900 crore ($121M). Pali Hill is one of Mumbai's most upscale areas and the per sq ft rate of several luxury housing projects ranges from ₹1 lakh per sq ft and above, reported HT. Sunil and Nargis Dutt, Neetu Singh, Gulzar, Imran Khan, Aamir Khan, among others, have owned properties here.