(Web Desk) Bollywood legend Dilip Kumar‘s family bungalow in Mumbai is being converted into a luxury residential project named ‘The Legend’.
Dilip Kumar’s family bungalow in Bandra’s Pali Hill area used to hold a special place for the legendary actor and his wife Saira Banu. The redevelopment is making headlines for a luxury residential project called “The Legend” by Mumbai-based real estate firm Asher Group. “The Legend by Ashar” at Pali Hill Bandra crossed Rs 500 crore within 15 months of its release, according to a statement released by the company. A sales milestone has been achieved.
The company has sold 4 luxury apartments out of 19 units, the first apartment was purchased by Infrastructure Development Company for rs 155 crore in July 2024.The company plans to build 19 luxury apartments, which will generate revenue of Rs 850 crore. Includes 6 and 5 BH luxury apartments and duplex units and a 2,000 sq ft museum dedicated to Dilip Kumar. are
In March 2016, Dilip Kumar inked a development deal with the Asher Group for this luxury housing project.
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How does the integration of cultural elements, such as the museum in “The Legend,” enhance the marketability of luxury real estate in Mumbai?
Q&A with Real Estate Expert on the Redevelopment of Dilip Kumar’s Bungalow into “The Legend”
Time.news Editor: Thank you for joining us today to discuss the recent redevelopment of the iconic Dilip Kumar’s bungalow in Mumbai. The project, known as “The Legend” by the Asher Group, has already made headlines. what significance does this project hold in the current real estate landscape of Mumbai?
Real Estate Expert: Thank you for having me. The conversion of Dilip Kumar’s bungalow into “The Legend” represents a unique intersection of heritage and luxury real estate. This project not only pays homage to one of Bollywood’s most cherished figures but also taps into Mumbai’s booming luxury market.With the initial sales milestone of Rs 500 crore achieved in just 15 months, it underscores the demand for high-end residential spaces in prime locations like Bandra’s Pali Hill.
Time.news Editor: It’s notable how quickly the project reached this sales milestone. Has the luxury residential market in Mumbai seen similar trends?
Real Estate Expert: Absolutely, the luxury residential segment has been on an upward trajectory, especially post-pandemic. Buyers are increasingly looking for exclusive, spacious homes that reflect their status. “The Legend,” which features 19 luxury apartments and includes a museum dedicated to Dilip Kumar, aligns perfectly with the expectations of affluent buyers seeking not just shelter, but a lifestyle choice that resonates with their values and interests.
Time.news Editor: Speaking of this unique museum aspect within the project, how do you think it contributes to the residential appeal?
Real Estate expert: Incorporating a museum dedicated to dilip Kumar adds significant cultural value and differentiation to “The Legend.” It creates a sense of connection to Bollywood history, which can appeal to both domestic and international buyers who are fans of Indian cinema. This unique feature turns a residential project into a historic landmark, potentially increasing both property values and buyer interest.
Time.news Editor: The frist apartment was sold for Rs 155 crore! What does this tell us about the buyer’s market?
Real Estate Expert: Selling a property at that price point is indicative of the active engagement of high-net-worth individuals in Mumbai’s real estate market. It shows that there is a confidence among wealthy buyers in investing in luxury properties, particularly those with unique features. Such sales set a benchmark and can attract further investments in high-value developments within the city.
Time.news Editor: With such a large revenue potential—estimated at Rs 850 crore for the entire project—what practical advice would you offer to potential investors looking at luxury residential developments?
Real Estate Expert: Investors should conduct thorough market research. Understanding the local luxury market dynamics, buyer preferences, and the legalities involved in property redevelopment is crucial. Projects like “The Legend” illustrate the importance of blending lifestyle with investment opportunities.Additionally, networking with credible real estate firms such as Asher group can provide valuable insights and opportunities in the luxury segment.
Time.news Editor: Thank you for your valuable insights! As we see iconic residences transformed into luxury apartments, it’s exciting to think about how these projects will shape Mumbai’s real estate sector in the future.
Real Estate Expert: Absolutely! The evolution of luxury real estate will continue to reflect changing societal values and lifestyle choices. It’s an exciting time for both buyers and investors in this dynamic market. thank you for the discussion!