MUMBAI: India’s tallest residential building — Palais Royale, in Worli, standing at 320 meters — received a second set of Occupation Certificate (OC) a week ago. The Brihanmumbai Municipal Corporation (BMC) had issued the last OC to the property’s ground plus 27 floors, in August 2022. With the new approvals, a cumulative 53 floors have been cleared, while approvals for 31 floors are awaited.
On the 61st floor that awaits BMC’s go-ahead, promoters of Metro Brands Limited, a popular retailer of footwear, have purchased two apartments for ₹162 crore. Zia Malik Lalji and Alisha Rafique Malik, two of the many promoters of Metro Brands Limited have bought apartments for ₹81 crore each from the developer Honest Shelters Private Limited.
Launched in 2007, the property, much coveted by buyers of luxe residences, continues to be in the making for 17 years now, as it faced multiple challenges that stalled construction in the past.
Palais Royale is the second structure to breach the 300-metre height mark. In 2011, another premium residential project was launched by Lokhandwala Infrastructure, titled Minerva, facing the Mahalaxmi Race Course; completed in 2023, it stands at 301 meters.
Now, construction as well as sales at Palais Royale have resumed from what was an upward of ₹20 crore back in 2007 to ₹27 crore in 2013 and now breaching the ₹80 crore mark, for a single flat.
Property registration documents accessed through IndexTap.com, a proptech platform shows ₹4.05 crore was paid towards stamp duty for each of the apartments. The flat bought by Alisha Rafique Malik measures 7,564 sq ft and is north facing, while the one of Zia Malik Lalji measures 7,687 sq ft and is south facing. Both apartments combined, have a total of 10 parking slots. The deal was registered on December 20.
The 84-storey project has been under construction since 2007 and was marketed as one of the most luxurious real estate launches estimated at ₹15,000 crore.
The plan is for 162 luxury apartments ranging from around 3,500 sq ft to approximately 44,500 sq ft. So far, 77 apartments have been sold, as per Maharashtra Real Estate Regulatory Authority.
