The iconic Pali Hill bungalow of late actor Dilip Kumar, now redeveloped into a luxurious apartment complex, has seen a significant transaction. Apco Infratech Private Limited has acquired a triplex apartment in the sea-view building for a staggering Rs 172 crore. This purchase marks one of the highest per square foot deals in the area, reflecting the premium status of the property.
According to property registration documents, the triplex, spanning the 9th, 10th, and 11th floors with a carpet area of 9,527 sq ft, was valued at Rs 155 crore. The transaction recorded a price of Rs 1.62 lakh per sq ft, underscoring the high demand for luxury real estate in the region. The stamp duty for this deal amounted to Rs 9.3 crore, with an additional registration fee of Rs 30,000. The redevelopment project, aptly named ‘The Legend,’ is being spearheaded by Ashar Group and features 4 and 5 BHK luxury apartments. Additionally, the complex will include a 2,000 sq ft museum dedicated to the legendary actor, preserving his legacy within the new development. This transformation follows a development agreement entered into by Dilip Kumar in 2016, which paved the way for this upscale project.
In 2023, Ashar Group announced plans to construct 15 luxury apartments in the building, with an anticipated completion date by 2027. The project is expected to generate revenue of approximately Rs 900 crore, highlighting its significant impact on the real estate market. Dilip Kumar’s Pali Hill bungalow has a storied history, including legal disputes where the family accused a real estate firm of document forgery with the intent of taking over the property. This dispute was resolved in 2017 when Dilip Kumar’s wife, Saira Bano, confirmed that they had regained possession of the bungalow. This recent transaction not only reflects the premium value of the property but also underscores the continuing demand for luxury real estate in Mumbai, positioning ‘The Legend’ as a landmark development in the city’s upscale residential market.
