Many celebrities call Pali Hill, a tiny neighborhood in Mumbai’s Bandra region, home. The late superstar Dilip Kumar was one of these noteworthy residents. His large cottage, a recognizable landmark in the neighborhood, is situated on a 2,000 square meter plot of land. Dilip Kumar owned this home for a long time. Since 2006, he has been striving to renovate the home with the assistance of his wife, the former actress Saira Banu. The villa is now being renovated by the Thane-based Ashar Group, which will turn it into an opulent 10- to 11-story residential structure and a museum honoring Dilip Kumar, who died away in July 2021. The home is now being renovated thanks to the Thane-based Ashar Group. Here, we highlight a few noteworthy features of this ancient cottage.
Yusuf Khan, also known as Dilip Kumar, purchased the home from Abdul Latif in September 1953, according to the development agreement available on the Maharashtra Real Estate Regulatory Authority (MahaRERA) website. Dilip Kumar allegedly left the villa after being married to Saira Banu in 1966 and moved into her house. Even after that time, his two brothers remained housed in the home.
Records on the MahaRERA website indicate that Dilip Kumar collaborated with two developers in 2006 and gave them permission to carry out development activities. He terminated the arrangement in October 2015 because of disagreements. After that, Dilip Kumar created a new development deal in March 2016 with Black Rock, a division of the Ashar Group, which is currently in charge of supervising the construction of a luxury building to take the place of the bungalow.
The payment structure to the owners has two parts, as stated in the development agreement between Dilip Kumar and Black Rock. An initial payment of Rs. 11 lakh is required. In the second phase, a payment of Rs 350 crore is made as a refundable deposit for Saira Banu’s personal needs and duties, such as tax payments. The first profits from the sale of the units she buys in the rebuilt property are expected to cover this sum.
The developer announced plans to build 15 luxury apartments, with floorplans ranging from 3,200 to 7,000 square feet. The pricing of these flats will range from Rs. 1.3 to Rs. 1.5 lakh per square foot, which is in line with the existing costs for comparable homes in the Pali Hill region.
