K Raheja redefines Mumbai Skyline with Ultra-Luxurious Housing Society-Pleasant Palace

The housing community in Mumbai called Pleasant Palace, which K Raheja Homes plans to renovate, is more than 6,000 square meters in size and has about 3 lakh square feet of growth potential.

The rights to renovate Mumbai's Palmera Cooperative Housing Society, often referred to as "Pleasant Palace," have been acquired by K Raheja Homes. According to a statement released by JLL on March 5, the property, which is located on Narayan Dhabolkar Road in the exclusive Malabar Hill neighborhood of South Mumbai, is more than 6,000 square meters in size and has an estimated 3 lakh square feet of development potential.

With its opulent residential offerings, the Pleasant Palace redevelopment project is poised to revolutionize the Mumbai skyline. "This project is expected to be one of the most premium residential developments in the city, with an estimated development potential of about 3 lakh square feet and sales prices ranging from Rs. 1, 30,000 per square foot to 1, 50,000 per square foot on carpet space," the JLL statement added.

The move coincides with a surge in activity in Mumbai's upscale real estate market, as demonstrated by recent high-profile deals like RK Damani's Rs. 1,000 crore bungalow acquisitions in the same neighborhood.

Nishant Kabra, Head - Capital Markets (West & North), India, JLL, “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”.