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Atul Agnihotri's real estate firm, Shivansai Homemaker Infra LLP, has secured the redevelopment rights of the 60-year-old Palimala Cooperative Housing Society in Bandra, Mumbai. The project involves 11 members and includes a significant increase in apartment sizes, along with structured financial compensation during the construction period. The agreement was formally registered with a token payment and stamp duty. Members will receive upgraded homes with modern specifications once redevelopment is completed, in line with Mumbai's ongoing push to renew ageing residential societies.
A six-decade-old residential building in Mumbai's Bandra area is set for redevelopment after Shivansai Homemaker Infra LLP, a firm promoted by film producer Atul Agnihotri, entered into a formal agreement with the Palimala Cooperative Housing Society. Agnihotri is married to actor Salman Khan's sister, Alvira Khan Agnihotri. Property registration records show that the agreement was executed with a token consideration and stamp duty payment, marking the official start of the redevelopment process. Advertisement
The society consists of 11 members with a total existing MOFA carpet area of around 8,565 sq ft. Under the redevelopment plan, all members are entitled to new apartments with an approximate 45 percent increase in RERA carpet area compared to their current homes. The Agnihotri family owns five flats in the society, and their combined carpet area will rise from about 4,092 sq ft to nearly 5,934 sq ft once the new building is completed.
The agreement outlines detailed financial support for members during the redevelopment phase. Each member will receive hardship compensation of INR 4,500 per sq ft, a one-time shifting allowance of INR 1.75 lakh, and monthly rent compensation of INR 1.50 lakh for an estimated period of 36 to 42 months. In addition, the developer has agreed to bear brokerage costs of INR 1.50 lakh per member for securing temporary accommodation.
Once redevelopment is complete, members will receive fully upgraded apartments. Specifications include air conditioning in living rooms and bedrooms, Italian marble flooring, modular kitchens, branded sanitary fittings, and household appliances such as a refrigerator, washing machine, and microwave. These provisions have been clearly mentioned in the registered development agreement.
The project reflects the broader redevelopment trend across Mumbai, particularly in western suburbs like Bandra, where ageing cooperative housing societies are opting for redevelopment to improve safety, living standards, and long-term asset value.
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