by THO
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K Raheja Homes has secured the rights to redevelop Mumbai’s Palmera Cooperative Housing Society, widely known as ‘Pleasant Palace’. The property, situated on Narayan Dhabolkar Road in the posh Malabar Hill neighbourhood of South Mumbai, spans over 6,000 square meters and its estimated development potential is approximately 3 lakh sq ft, JLL said in a statement on March 5.
JLL was the transaction adviser for the deal.
HT does not have a copy of the deal. The story will be updated once more details are received.
There was no response from K Raheja Homes.
The Pleasant Palace redevelopment project is set to transform the Mumbai skyline with its ultra-luxurious residential offering. With an estimated development potential of approximately 3 lakh sq. feet and sales price ranging from ₹1,30,000 per sq.ft. to 1,50,000 per sq.ft.on carpet area, this venture promises to be one of the most prestigious residential developments in the city, the JLL statement said.
Also Read: K Raheja Corp buys Bayside Mall and Popular Press Building properties in Mumbai for ₹355 cr
The move comes at a time when Mumbai’s high-end real estate market is seeing increased activity, as evidenced by recent high-profile transactions such as RK Damani’s ₹1,000 crore bungalow purchase in the same neighbourhood.
“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,” said Nishant Kabra, Head – Capital Markets (West & North), India, JLL.
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