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Pharma tycoon Leena Gandhi Tewari made headlines recently for paying an incredible INR 639 crore for two duplex apartments with a view of the sea in Mumbai's affluent Worli neighborhood. The acquisition, inclusive of stamp duty and GST, brought the total transaction value to approximately INR 703 crore, establishing it as the most expensive residential property deal in India to date. Located within the ultra-premium Naman Xana tower, the 22,572 sq. ft. apartments reflect a growing trend among ultra-rich individuals particularly from the pharma sector towards high-end residential investments in the financial capital.
Mumbai's luxury real estate market witnessed a landmark moment last week when Leena Gandhi Tewari, Chairperson of USV Pvt Ltd, acquired two sea-facing duplex apartments in the city's upscale Worli neighbourhood for INR 639 crore. Including stamp duty and applicable GST, the total financial outlay reached nearly INR 703 crore, making it the most expensive residential property transaction ever recorded in the country. Advertisement
The sprawling 22,572 sq. ft. of real estate is housed within the Naman Xana tower, a newly developed 40-storey luxury skyscraper by Shree Naman Developers. The apartments, located on the 32nd to 35th floors, are part of an exclusive building that comprises of only 16 residences-nine simplex apartments, five duplexes, and one penthouse. The transaction translates to a per square foot cost of more than INR 2.83 lakh on carpet area, setting a new price benchmark in the Indian residential market.
Sources close to the matter revealed that the deal was executed through two separate transactions, each involving one duplex unit. The apartments offer panoramic views of the Arabian Sea, a feature that has become increasingly desirable among Mumbai's elite, further fuelling price escalation in the premium real estate segment.
Real estate experts stated that the surge in such high-value purchases signals an ongoing trend where ultra-high-net-worth individuals (UHNIs) are redirecting their wealth into tangible, lifestyle-driven assets such as prime residential properties. With limited inventory of ready-to-move-in, sea-facing homes in areas like Worli, demand continues to outstrip supply, thereby pushing prices to historic highs.
Industry insiders believe that the pandemic significantly reshaped homebuying preferences, prompting affluent buyers to seek out spacious, amenity-rich residences with scenic views and premium locations. This latest transaction by Tewari follows a broader pattern of pharma industrialists and business tycoons making strategic lifestyle and asset investments in Mumbai's central zones.
Worli has steadily grown into one of Mumbai's most desirable residential locales owing to its proximity to key business hubs, high-end hospitality, and infrastructural developments. The Naman Xana project, in particular, has garnered attention for its architectural finesse, expansive layouts, and exclusive resident-only amenities.
Market watchers also pointed out that such big-ticket purchases strengthen confidence in Mumbai's luxury housing segment and reflect the sector's resilience amid broader market fluctuations.
As affluent buyers increasingly prioritise lifestyle, privacy, and exclusivity, properties like those at Naman Xana stand out as both personal havens and long-term investments. This record-setting deal is a testament to the evolving investment strategies of UHNIs, where luxury homes are not merely residences but definitive status symbols in an ever-competitive property market. As Mumbai continues to evolve, transactions of this scale may soon become more commonplace, reflecting a city where aspiration and affluence coalesce at record-breaking altitudes.
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