K RAHEJA PLEASANT PALACE (PALMERA CHS REDEVELOPMENT) — New Project Coming Up in Malabar Hill, Mumbai
K Raheja Secures Redevelopment Rights for Pleasant Palace in Malabar Hill
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 1.5 acre sea-facing plot in Malabar Hill was purchased by the 47-member society in 1971 and has now been granted to K Raheja Corp for redevelopment.
Development Scale and Pricing
The property covers over 6,000 square meters with an estimated development potential of approximately 300,000 sq ft. The estimated sales price 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.
The Redevelopment Trend in South Mumbai
South Mumbai's prestigious Malabar Hill is witnessing a major transformation as redevelopment projects take centre stage, redefining the city's skyline with ultra-luxury residential towers, attracting top developers to one of India's most premium addresses once known for its colonial-era bungalows and low-rise apartments.
As of the September 2025 quarter, Malabar Hill has about ten marketable projects launched by leading developers such as Lodha Group, Birla Estates, and JSW Realty.
About K Raheja Corp
With 40 years of experience, K Raheja Corp is a success story spanning four decades and stands today as one of India's leading developers. K Raheja Corp is prioritizing aggressive growth of its residential property business, with 30-40 projects underway in Mumbai and Pune across premium, luxury, and ultra-luxury segments.
K Raheja Corp has delivered 6.2 million sq ft of luxury and commercial projects within a 2 kilometre radius of upmarket Worli and Mahalaxmi, including Vivarea, Artesia, and Altimus.
Location Context
Pleasant Palace occupies a prime sea-facing plot in Malabar Hill on Narayan Dhabolkar Road. The location places it in one of Mumbai's most sought-after residential zones, characterized by high capital values and limited land availability.