The Aga Khan Development Network (AKDN) has announced plans to invest ₹2,000 crore to build a luxury residential property in south Mumbai’s Mazgaon area. The project will cover an area of 1.6 million square feet in two high-rises on a 4.5 acre land parcel. The area currently houses the 77-year-old Prince Aly Khan Hospital and residential units, which are being demolished and are to be reconstructed.
The Aga Hall Estate will offer 373 two- and three-bedroom apartments. Construction has started and will be completed as per the norms of the Maharashtra Real Estate Regulatory Authority. The redevelopment project consists of two residential high-rises – a 45-storey building with apartments to rehabilitate about 155 existing residents and a 54-storey tower with apartments for sale. The units are being sold at a price starting at ₹3.25 crore plus taxes for 660 sq. ft apartments up to the 30th floor, ₹3.99 crore plus taxes for 841 sqft apartments till the 25th floor, and ₹6.6 crore plus taxes for 1,404 sqft three-bedroom flats till the 20th floor. The construction is being funded through the sale of apartments by the Prince Aly Khan Hospital with the support of AKDN and bank finances.