Bollywood playback singer Shantanu ‘Shaan’ Mukherjee and his wife Radhika Mukherjee have made a high-value addition to their real estate portfolio with the purchase of a luxury residence at Palmera in Bandra West. The couple has acquired a 6,300-square-foot home for Rs 48 crore in the upscale residential development. The transaction was registered on August 20, 2026, and was brokered by Propbay India LLP.

Shaan buys Rs 48 crores Palmera home, highlights Mumbai’s luxury housing boom

The residence has been created by combining three separate apartments spread across approximately one-and-a-half floors on the 18th level of the tower. Shaan’s latest property acquisition also adds another chapter to his family’s long-standing association with Bandra. His late father, musician Manas Mukherjee, had also lived in the Mumbai suburb.

Located at 8 Turner Road, near the junction of St Martin’s Road, Palmera is a boutique residential project developed by Pantheion Real Estate. The tower stands on the redeveloped plot that once housed the bungalow of veteran actress Mala Sinha. Rising 22 storeys above the ground, the development has only 32 residences, making it a low-density luxury address.

Palmera offers open-plan bare-shell apartments that can be customised according to the owners’ requirements. The residences feature private apartment lobbies, open decks and 3.3-metre floor-to-ceiling heights. Individual homes start at around 2,090 square feet of carpet area, while full-floor residences extend beyond 4,180 square feet.

The development also offers several lifestyle and wellness facilities, including a rooftop infinity pool, sky deck, gymnasium, Pilates and yoga studios, meditation rooms, spa, salon vanity room, business meeting room, banquet hall, game room, library, card room and children’s play area. Other facilities include a pet zone, EV charging stations and valet services.

Shaan’s Rs 48 crores purchase comes amid strong demand for premium homes in Mumbai. According to the Lighthouse Luxury Quarterly Real Estate Report, prepared with proptech intelligence platform Zapkey using verified Maharashtra government registration data, Mumbai recorded 1,499 luxury home registrations worth Rs 14,903 crore during Q1 FY27, covering April to June 2026.

The quarter saw nearly 16 luxury home transactions each day, with around Rs 164 crore in transaction value generated daily. April recorded the highest number of registrations at 563, valued at Rs 5,726 crores. Although registrations fell by 22.7 per cent in May to 435 deals worth Rs 4,492 crores, the average ticket size remained at Rs 10.3 crore.

The market picked up again in June, which saw 501 registrations worth Rs 4,686 crore. The recovery was largely driven by end-user demand for homes priced between Rs 5 crores and Rs 10 crores. Against this backdrop, Shaan’s high-value Palmera purchase reflects the continued appetite for premium residential properties in Mumbai.

Also Read : Shaan on cutting down drinking in his 40s: “Zindagi aapko parhez karna sikha deti hai”

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