K Raheja Homes to Redevelop Mumbai’s Iconic Pleasant Palace

10 Mar 2025 CW Team

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.

Infrastructure Urban

16 Sep 2025

India Plans Rs 200 Billion Risk Fund to Boost Infrastructure

India’s ambitious push for large-scale infrastructure growth is set to receive a major financing boost. The government is reportedly planning a Rs 200 billion risk guarantee fund to reduce uncertainty for investors and project developers.The fund aims to instil confidence among lenders and private players by covering risks beyond commercial considerations. It will primarily address losses arising from policy changes, land acquisition delays, or environmental clearances, while commercial risks will remain the responsibility of developers. This measure is expected to encourage banks and financ..

India Launches Rs 1 Billion Green Hydrogen R&D Scheme

Union Minister of New and Renewable Energy, Shri Pralhad Joshi, inaugurated the 1st Annual Green Hydrogen R&D Conference in New Delhi, organised by the Ministry of New and Renewable Energy (MNRE). He also launched a new Rs 1 billion Call for Proposals to support start-ups innovating in hydrogen technologies. The scheme will provide up to Rs 50 million per project for pilot projects in hydrogen production, storage, transport, and utilisation. The conference features 25 start-ups showcasing innovations from electrolyser manufacturing to AI-driven optimisation and biological hydrogen solution..

NGT Questions Bengaluru Tunnel Project Over Ecological Risks

Deputy Chief Minister and Bengaluru Development Minister D K Shivakumar’s ambitious Tunnel Road project faces scrutiny following a petition by a city-based citizens’ group. The Southern Bench of the National Green Tribunal (NGT) has issued notices to multiple government agencies, requesting formal responses.At the first hearing on 10 September, the tribunal directed notices be served to the State Government, Greater Bengaluru Authority (GBA), State Environment Impact Assessment Authority (SEIAA), Bangalore Smart Infrastructure Limited (B-SMILE), Ministry of Environment, Forest and Climate ..