K Raheja Homes to Redevelop Mumbai’s Iconic Pleasant Palace
Real Estate

K Raheja Homes to Redevelop Mumbai’s Iconic Pleasant Palace

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.

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.

Next Story
Infrastructure Transport

Leh Airport Goes Green

Leh Kushok Bakula Rinpoche Airport is set to become India’s first airport powered by geothermal and solar energy, marking a significant milestone in sustainable aviation. This initiative, undertaken at an estimated cost of Rs 6.50 billion, aligns with efforts to transform Ladakh into a carbon-neutral region. With airports being major energy consumers, this project represents a crucial step toward reducing carbon emissions in aviation infrastructure.  The airport’s innovative approach involves replacing conventional air-conditioning systems with underfloor heating using geothermal..

Next Story
Infrastructure Urban

CCI Clears Tata Sons' Additional Stake Buy in Tata Play from Baytree

The Competition Commission of India has approved the acquisition of certain additional shareholding in Tata Play (Tata Play) by Tata Sons (Tata Sons) from Baytree Investments (Mauritius).The Proposed Combination involves the acquisition of 10% shareholding in Tata Play by Tata Sons.Tata Sons is an investment holding company, which is registered as a core investment company with the Reserve Bank of India and classified as a “Systemically Important Non-Deposit Taking Core Investment Company”.Tata Play, formerly known as Tata Sky, is one of India’s leading content distribution platforms pro..

Next Story
Infrastructure Urban

DARPG Releases 31st CPGRAMS Report for February 2025

The Department of Administrative Reforms and Public Grievances (DARPG) has released the 31st monthly report on the Centralised Public Grievance Redress and Monitoring System (CPGRAMS) for States and Union Territories (UTs) for February 2025. The report provides insights into the volume of grievances received, disposal rates, and major grievance categories across different states and UTs. Key Highlights from the Report Grievance Statistics: A total of 52,464 grievances were received in February 2025. 50,088 grievances were redressed during the month. As of 28th February 2025, the total pen..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?