India’s luxury real estate market has hit a new milestone, with Leena Gandhi Tewari, Chairperson of USV Pvt Ltd, purchasing two ultra-luxurious sea-facing duplex apartments in Mumbai’s Worli for a staggering ₹639 crore. The transaction, including stamp duty and GST, brings the total deal value to ₹703 crore, making it India’s most expensive residential property sale to date.
Why Are Pharma Tycoons Investing in Mumbai’s Luxury Flats?
Mumbai’s Worli Sea Face has emerged as a prime destination for high-net-worth individuals (HNIs), particularly from the pharmaceutical sector. Industry experts attribute this trend to:
- Post-pandemic wealth surge: Pharma executives have seen unprecedented financial growth, prompting investments in high-value assets.
- Real estate as a secure investment: Luxury properties offer stable returns, making them an attractive option for wealth preservation.
- Status symbol & exclusivity: Premium residences in Worli provide panoramic sea views, superior connectivity, and elite neighborhood access, reinforcing their prestige appeal.
Inside the Record-Breaking Deal
Tewari’s duplex apartments span the 32nd to 35th floors of Naman Xana, a 40-storey luxury high-rise designed by Talaty & Partners LLP. The transaction values the property at ₹2.83 lakh per sq. ft., setting a new benchmark in Mumbai’s elite housing market.
Growing Demand for Luxury Real Estate
Mumbai continues to dominate India’s premium real estate segment, with recent high-value transactions including:
- Uday Kotak’s ₹400 crore Worli property acquisition.
- Tanya Dubash’s ₹225 crore duplex purchase in the same tower.
- Yohan Poonawalla’s ₹500 crore mansion deal in 2024.
With Mumbai’s luxury housing market witnessing exponential growth, pharma tycoons and corporate leaders are reshaping the city’s high-end real estate landscape.
