The Aga Khan Development Network Unveils INR 200 Crore Luxury Real Estate Project in Mazgaon, South Central Mumbai

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The Aga Khan Development Network (AKDN) has announced intentions to spend 2,000 crore rupees to construct a premium residential complex in the Mazgaon neighbourhood of south Mumbai. On a 4.5-acre block of land, two high-rises will include a total area of 1,600,000 square feet. Currently, the location contains the 77-year-old Prince Aly Khan Hospital and residential units, which are being destroyed and will be rebuilt.

The Aga Hall Estate will have 373 units with two or three bedrooms. Construction has begun and will be finished in accordance with Maharashtra Real Estate Regulatory Authority regulations. The reconstruction project includes two residential high-rises: a 45-story structure with apartments to rehabilitate around 155 current inhabitants, and a 54-story tower with flats for sale. Prices start at 3.25 crore plus taxes for 660-square-foot apartments up to the 30th story, INR 3.99 crore plus taxes for 841-square-foot apartments up to the 25th floor, and 6.6 crore plus taxes for 1,404-square-foot three-bedroom flats up to the 20th floor. The Prince Aly Khan Hospital, with the assistance of AKDN and bank funds, is financing the building via the sale of flats.