Palais Royale: Check The Cost Of Least-expensive Flat In India’s Tallest Building – News18

Burj Khalifa is the tallest building in the world. But do you know the tallest residential building in India? According to reports, this building has been under construction since 2007, but it has not yet been finished because of the delay in its work. Although its infrastructure and floors are completely ready, the work is still on. The name of this building is Palais Royale, and it is located in Worli, Mumbai.

The development of this building began in 2007. Vikas Kasliwal laid the foundation of this project. He is a real estate developer and used to work at Shree Ram Urban Infrastructure in the past. In 2022, he wrote a letter to the Maharashtra Chief Minister Eknath Shinde, bringing the focus back to the building.

Kasliwal claimed that this building’s construction was a scam worth Rs 1,000 crore. He further said in the letter that the state government and the Greater Mumbai Municipal Corporation have experienced huge losses in the development of this building. However, there is no further information regarding this allegation.

According to reports, the building’s top floor was completed in 2012, five years after the work began. However, the builders were unaware that they would lose control of this building. In the same year, several public interest litigations were filed against the building. The case was brought before the court, and its construction was halted.

The situation continued to drag on and the project’s cost continued to rise. There came a time when the promoter of this building, Shree Ram Urban Infrastructure itself, went bankrupt. Later, Indiabulls auctioned the project because the company had borrowed money from them and Honest Shelter Private Limited became the new promoter. Reports suggest that this project was to be completed by the end of 2022, but it has not happened yet. About Rs 3,000 crore have been spent on this building so far.

This building has a total of 72 floors. The apartments in this premium residential building are priced accordingly. A flat in this building cost Rs 27 crore in 2013. Today, the least expensive flat here is worth Rs 40 crore.