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

SCI to Launch Kandla–Thoothukudi Coastal Container Route

The Shipping Corporation of India (SCI) is set to launch a new coastal container shipping service linking Kandla Port in Gujarat and VOC Port in Thoothukudi, Tamil Nadu, through the re-routing of its SMILE (SCI Middle East India Liner Express) service.The revised port rotation will be: Pipavav – Kandla – Tuticorin (Thoothukudi) – Cochin – Pipavav, with the first vessel scheduled to call at Thoothukudi on 16 June. This move is expected to enhance coastal connectivity between the western and southern coasts of India, boosting the movement of key commodities.According to the VOC Port Auth..

Next Story
Infrastructure Urban

Pendurthi Sewerage Project Gets Rs 4.52 Billion Approval

The Andhra Pradesh government has granted an administrative sanction of Rs 4.52 billion for the Integrated Sewerage Collection and Conveyance System project in the Pendurthi area of Visakhapatnam, aimed at modernising urban sanitation and promoting water recycling.Spearheaded by the Greater Visakhapatnam Smart City Corporation Limited (GVSCCL), the project features a comprehensive wastewater treatment plant (WWTP), Recycled Sewage Gravity Flow (RSGF) system, tertiary treatment, and 15 years of operation and maintenance services. It is expected to serve around 12,000 household connections once ..

Next Story
Infrastructure Transport

NHAI Limits Engineers to 10 Highway Projects Each

The National Highways Authority of India (NHAI) has announced a new policy restricting consultancy firms to assign no more than 10 national highway projects per engineer for supervision and construction oversight. This rule, intended to enhance monitoring and execution quality, will come into effect 60 days from the date of announcement, allowing firms time to adjust their staffing and assignments.In a statement issued on Thursday, NHAI highlighted concerns that engineers assigned by consultancy firms—acting as Independent Engineers, Authority Engineers, or Supervision Consultants—were oft..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?