Palais Royale

Freehold former mill land, but the title is heavy: the only certificate on file is a 2007 SRUIL-era Little & Co report (pre-substitution); title now rests on a 2019 lender Sale Certificate after the original developer's insolvency; a Rs 400 cr Beacon/Sammaan charge subsists; and a ~20-year litigation history (Supreme Court 2019 on refuge + parking-lot floor area (FSI)) sits behind a still-live 2025-26 creditor and inter-se docket.

• The construction risk that defines the Rexray set is largely retired - the tower is topped out at 56 floors and occupation-certified to the 53rd approved floor (Dec 2024).
• Held back by a LAPSED RERA registration, the top 3 floors un-OC'd, and uncertainty over who finishes and renews it after a 15-year stall.

RERA legibility/compliance is poor: registration LAPSED, an empty portal commencement-certificate table, and the governing 2021 plan / 2022 Commencement Certificate / 2022-24 Part OCs / revised certificate all recovered from the registered agreement rather than the portal.

• Marketing overstates - 320 m / 88 storeys / 152 residences / blanket sea views - against the sanction of ~300 m, 56 approved floors (72 on the sale plan), 162 units and a sea view that only the upper floors get.
• But the tower is real and delivered, and the refuge/exclusive-use split is disclosed in the agreement's own annexure.

• At ~300 m on an ~84x86 m plate the upper floors clear the corridor with a real Arabian-Sea aspect; East and north-west are open from low floors.
• But the priced west/SW sea arc is walled by Kalpataru One only 78 m away (its near towers ~204 m, the far one 281 m), and NE/S/SE are partly blocked (Niyaara/Adrina/Imperia, Embassy Citadel, Runwal Raaya).
• A high-floor asset, obstructed below.

~84% off the legible duplex plate - clean rectangular rooms, columns in walls, an efficient large-format layout wrapping the central atrium; disclosed balconies are a normal open-deck feature.

• The defining defect.
• The sample duplex buys 513.72 sqm of RERA carpet but is granted 'exclusive use' of 549.84 sqm of NON-RERA area on top (107% of carpet) - dominated by refuge passage, fire-escape passage and moat.
• Only ~48% of what the unit occupies is owned; the refuge portion legally must stay open and cannot be enclosed, and doing so invites BMC notices - the very issue the Supreme Court litigated.

• Retail band Rs 1.0-1.5 lakh/sqft carpet is reasonable for a Worli-edge tower with genuine high-floor views; the one registered comp (~Rs 93k/sqft) is an investor/bulk buy below that.
• But effective value is muddied - you pay carpet rate while ~half the 'grandeur' is unowned exclusive-use area - and the litigation/lapsed-RERA overhang and uncertain completion weigh on liquidity.

• A single free-sale tower, no rehab co-habitation.
• Density comes from ~142 legacy owners (2007-2013) carved out of the lender sale sharing the layout with the public parking building and the Reliance buildings, plus a MHADA/BMC parking area already given away off the larger plot.

• Sits at the heavily congested Worli Naka junction inside a dense tall-tower cluster - Kalpataru One, Indiabulls Blu, Runwal Raaya, the BDD Chawls redevelopment and Embassy Citadel.
• Amenity-rich but high traffic, footfall and noise.

~10 minutes (11am weekday) to the nearest Worli coastal-road entry - good access despite the Worli Naka congestion.

PASS - the kitchen sits on the external ring with an openable window and adjacent utility; a genuine exterior air path.

• Grade B (conservative).
• Six passenger lifts plus two service/goods lifts serve 56 floors at ~4 apartments a floor; interval 27-38 s across the luxury band, with a light family count for six lifts - no queue on a tower this tall.

The municipal approval carries ordinary water and hydraulic-engineer conditions rather than a stated shortfall; no No-Objection Certificate count delta was extractable, so held at a neutral-good read pending the sanctioned water No-Objection Certificate.

• Anchor A/B - a drivable self-park podium with a central helical ramp over eight parking levels, 746 covered + 100 open bays.
• Tempered by the eight-level dispersion, the single circular two-way ramp, zero visitor parking and deferred bay allotment.

Rexray's database will, over time, be enriched with the attention to detail and quality ethos of each builder. For now, below is the checklist you should verify with the builder before you decide.

• Launched as a marquee, tallest-in-India address with Talati as architect; after the stall and insolvency it skews to investors layered over long-standing legacy owners.
• If completed well it can still command a premium on that pedigree - but who completes it is not established.