Carmichael Road is an upmarket residential street of Mumbai. Situated on a ridge in South Mumbai, it is now officially called M.L. Dahanukar Marg. With old style bungalows and apartment houses such as the art deco Kamal Mahal of film director, Kamal Amrohi, most known for Pakeezah (1972). the street and surrounding neighbourhood is and has been home to Mumbai's rich and famous such as the Modys, the Commissariats, the Dahanukars, the Somaiyas, the Lalbhais, the Walchands and the Morarjees.
The hillslopes of street started being developed in the 1920s, with the bungalow of Municipal Commissioner of Mumbai being amongst the earliest, and by 1930 numerous large homes come up on the street, many built on Rs 100,000 to Rs 150,000 at the time. The road is a declared heritage precinct, and falls within the Coastal Regulation Zone-2 and had a height restriction of 75 to 80 m, that is building can be maximum 25 storeyes high. The road has only one high-rise building, the 24-storey Usha Kiran built the mid-1960s.
Redevelopment on the road, comes under heritage rules, expect for a "cessed structure", which either has tenants or was constructed prior to 1940. Over the year, many of the old buildings have been sold to developers, replaced by new ones, and often old residents have protested building of high-rise. Also in the neighbouring roads like Altamount Road, skyscrapers are coming up. However, real estate princes have remained high nevertheless, on an average, prices range from 40,000 (US$670) to 90,000 (US$1,500) per sq ft. In 2010, Villa Nirmala, 60-year-old bungalow on the street, once owned by Khanderao Gaekwar, and later by the Wagles and Lalvanis families, sold for 3 billion (US$50 million), also in same year, an apartment in the Kamal Mahal building fetched 330 million (US$5.5 million).