Shaan Purchases Rs 48 Crore Palmera Residence, Underscoring Mumbai’s Luxury Real Estate Growth

Bollywood singer Shantanu ‘Shaan’ Mukherjee and his wife, Radhika Mukherjee, have expanded their property holdings by purchasing a luxury home at Palmera, a high-end residential development in Bandra West, Mumbai. The couple acquired a 6,300-square-foot residence for Rs 48 crore, with the deal officially recorded on August 20, 2026. The transaction was facilitated by Propbay India LLP.

This exclusive home was created by merging three separate apartments spanning roughly one and a half floors on the tower’s 18th level. Shaan’s purchase also continues his family’s connection to Bandra, where his late father, musician Manas Mukherjee, had previously lived.

About Palmera Residential Development

Palmera is located at 8 Turner Road near St Martin’s Road and is a boutique development by Pantheion Real Estate, erected on the site that once held veteran actress Mala Sinha’s bungalow. The 22-storey building contains only 32 residences, offering a low-density and luxurious living environment.

The residences at Palmera are designed as open-plan, bare-shell apartments that owners can customize. Features include private apartment lobbies, open decks, and floor-to-ceiling windows with heights of 3.3 metres. Units range from about 2,090 square feet to full floors exceeding 4,180 square feet.

Amenities and Lifestyle Offerings

Residents have access to various amenities, such as:

  • Rooftop infinity pool
  • Sky deck
  • Gym
  • Pilates and yoga studios
  • Meditation rooms
  • Spa and salon vanity room
  • Business meeting space and banquet hall
  • Game room, library, and card room
  • Children’s play area and pet zone
  • Electric vehicle charging stations
  • Valet services

This high-value purchase takes place amid robust demand for premium residences in Mumbai. The Lighthouse Luxury Quarterly Real Estate Report, utilizing data from the Maharashtra government through the Zapkey proptech platform, revealed that between April and June 2026 (Q1 FY27), Mumbai recorded 1,499 luxury home registrations totaling Rs 14,903 crore.

During this quarter, average daily luxury home transactions approached 16, with a daily transaction value around Rs 164 crore. April 2026 registered the highest activity with 563 sales valued at Rs 5,726 crore.

Although registrations declined by 22.7% in May to 435 units worth Rs 4,492 crore, the average sale price stayed near Rs 10.3 crore. Activity rebounded in June with 501 registrations valued at Rs 4,686 crore, led predominantly by buyers seeking homes priced between Rs 5 crore and Rs 10 crore.

Key Takeaways

  • Shaan Mukherjee purchased a 6,300-square-foot luxury home in Palmera for Rs 48 crore.
  • Palmera is a boutique, low-density luxury development with only 32 residences.
  • The property features customizable bare-shell layouts and extensive premium amenities.
  • Mumbai’s luxury home market showed strong transactional activity in Q1 FY27 despite minor fluctuations.
  • Demand remains high for luxury properties priced between Rs 5 crore and Rs 10 crore.