A Landmark in Mumbai’s Ultra-Luxury Real Estate
Introduction
Mumbai’s real estate market has once again shattered records with USV Pvt Ltd Chairperson Leena Gandhi Tewari purchasing a ₹703 crore duplex in Worli (not Malabar Hill, as initially reported)—making it the most expensive residential property deal in India 136. The transaction, finalized in May 2025, underscores the soaring demand for ultra-luxury sea-facing properties in South Mumbai, driven by billionaire buyers, limited inventory, and Mumbai’s enduring status as India’s financial capital.
This article explores:
- Key details of the record-breaking deal
- Leena Tewari’s profile and USV’s pharmaceutical empire
- Why Worli is Mumbai’s new billionaire hotspot
- Trends in India’s luxury real estate market
- Future outlook for high-end property investments
1. The Record-Breaking Deal: ₹703 Crore for Two Worli Duplexes
Transaction Breakdown
- Purchase Price: ₹639 crore for two sea-facing duplexes in Naman Xana, Worli 16.
- Additional Costs: ₹63.9 crore in stamp duty and GST, taking the total to ₹703 crore 3.
- Per Sq. Ft. Rate: ₹2.83 lakh, the highest ever in India (adjusted for carpet area) 6.
- Size: Combined 22,572 sq. ft. across the 32nd to 35th floors 6.
Why This Deal Stands Out
- Unmatched Views: The apartments offer uninterrupted Arabian Sea views, proximity to the Bandra-Worli Sea Link, and permanent view protection due to coastal regulations 6.
- Luxury Amenities: Naman Xana features smart home automation, double-height ceilings, a private gym, and a Pilates studio 3.
- Scarcity Factor: Only 29 units exist in the 40-storey tower, making it exclusive 10.
Previous Record-Holders
- Radhakishan Damani (2021): Bought a Malabar Hill bungalow for ₹1,001 crore (largest by total value) 7.
- Uday Kotak (2025): Acquired 23 Worli flats for ₹424 crore (₹2.89 lakh/sq. ft.) 1.
- Godrej Family (2025): Purchased Carmichael Road apartments at ₹1.78 lakh/sq. ft. 6.
Leena Tewari’s deal now holds the record for the highest per sq. ft. price in India.
2. Who is Leena Gandhi Tewari?
Pharmaceutical Powerhouse
- Chairperson of USV Pvt Ltd, a ₹32,500 crore pharma giant specializing in diabetes, cardiovascular drugs, and biosimilars 12.
- Net Worth: $3.9 billion (Forbes, May 2025) 4.
- Legacy: Granddaughter of Vithal Balkrishna Gandhi, who co-founded USV with Revlon in 1961 12.
Family & Business
- Husband: Prashant Tewari (IIT + Cornell alum), MD of USV 4.
- Daughter: Aneesha Tewari, MIT Ph.D., joined the board in 2022 4.
- Global Expansion: Acquired Germany’s Juta Pharma in 2018, boosting international presence 12.
Philanthropy & Influence
- Ranked 3rd on Hurun India’s Philanthropy List (2019) for donating ₹34 crore to women’s education 4.
- Close ties with Nita Ambani, reflecting her elite social circle 12.
3. Why Worli is Mumbai’s New Billionaire Hub
Key Factors Driving Demand
- Infrastructure Boom:
- Coastal Road Project (completion by 2026) enhances connectivity 6.
- Bandra-Worli Sea Link reduces travel time to BKC and South Mumbai 3.
- Scarcity of Sea-Facing Properties:
- Only 5-7% of Mumbai’s luxury inventory has protected sea views 13.
- No future high-rises can block views due to coastal zone regulations 6.
- Ultra-HNI Preferences:
- Wealth preservation: Real estate is seen as a hedge against inflation 7.
- Status symbol: Worli is now “vertical Manhattan”, attracting industrialists, bankers, and celebrities 10.
Recent Big-Ticket Deals in Worli
| Buyer | Property | Price (₹ Cr) | Rate (₹/sq. ft.) |
|---|---|---|---|
| Leena Tewari | Naman Xana Duplex | 703 | 2.83 lakh |
| Uday Kotak | Shri Shiv Sagar CHS | 424 | 2.89 lakh |
| Neerav Parekh | Naman Xana | 170 | 2.2 lakh |
| Kabra Family | 360 West, Worli | 200 | NA |
4. India’s Luxury Real Estate Trends (2025-2030)
Market Growth
- Current Value (2024): $45 billion
- Projected (2030): $105 billion (15% CAGR) 5.
Key Trends
- Branded Residences (Ritz-Carlton, Four Seasons) saw 143% sales growth in Mumbai 5.
- Fractional Ownership platforms (Strata, hBits) democratize luxury investments 5.
- Second Homes Boom: 55% of HNIs eye Goa, Dehradun for vacation properties 5.
Challenges
- Regulatory Delays: Mumbai takes 40 days for construction permits (vs. 30 globally) 5.
- Unsustainable Prices? Analysts question if ₹3 lakh/sq. ft. is a bubble or new normal 10.
5. Future Outlook: Will Prices Keep Rising?
Bullish Factors
- Limited Supply: Only ~100 ultra-luxury units/year launch in Mumbai 13.
- Wealth Growth: India’s UHNI population to grow 50% by 2028 7.
Bearish Concerns
- Global Economic Risks: Recession fears may slow investment 13.
- Alternative Assets: REITs, startups diverting HNI funds 7.
Verdict: Prime South Mumbai properties will remain resilient, but growth may stabilize post-2027 6.
Conclusion
Leena Tewari’s ₹703 crore duplex is more than a real estate deal—it’s a symbol of India’s economic rise, pharma wealth, and Mumbai’s unshakable luxury appeal. With Worli eclipsing Malabar Hill as the new billionaire enclave, and branded residences redefining opulence, India’s ultra-luxury market is poised for record-breaking growth.
For investors, the message is clear: ocean-view trophy assets in Mumbai are the ultimate store of value.
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