K Raheja Homes has secured the rights to redevelop Palmera Cooperative Housing Society, famously known as 'Pleasant Palace', situated on Narayan Dhabolkar Road in Mumbai’s upscale Malabar Hill neighborhood. The sprawling property covers over 6,000 square meters, with an estimated development potential of approximately 300,000 sq. ft., according to a statement by JLL.

The Pleasant Palace redevelopment project aims to introduce ultra-luxurious residential offerings to Mumbai’s high-end real estate market. The estimated sales price for the upcoming project ranges from Rs 1,30,000 to Rs 1,50,000 per sq. ft. on carpet area, marking it as one of the most prestigious residential developments in the city.

This ambitious redevelopment plan comes amid growing activity in Mumbai’s luxury real estate sector. A recent example includes RK Damani’s high-profile bungalow purchase worth approximately Rs 12 billion in the same neighborhood.

Nishant Kabra, Head - Capital Markets (West & North), India, JLL, commented on the trend driving such projects: “Underlying fundamentals have changed. Just to draw an analogy, like in commercial, one has observed flight to quality; in residential as well, with consumer preferences becoming more sophisticated, it is now visible for two products to command quite different pricing within the same micro-market. This trend has been one of the major factors contributing to quality developers beefing up their development book.”

The redevelopment of Pleasant Palace is expected to reshape the Malabar Hill skyline, attracting elite buyers looking for luxury living in one of Mumbai’s most coveted locations.