Mumbai, India – The city’s reputation as India’s most expensive and dynamic real estate market continues to be solidified, with yet another record-breaking transaction. Leena Gandhi Tewari, chairperson of multinational pharmaceutical and biotechnology giant USV Ltd, has made a staggering ₹639 crore acquisition of two sea-facing luxury duplex apartments in Mumbai’s plush Worli locality. This deal marks one of the most expensive residential property sales ever recorded in India.
The record-breaking acquisition involves a total area of 22,572 square feet, spanning the 32nd to 35th floors of the 40-storey super-premium tower, Naman Xana, which overlooks the Arabian Sea on Worli Sea Face. Calculated on a carpet basis, the transaction sets a new benchmark at over ₹2.83 lakh per square foot. Documents indicate that Tewari has also paid over ₹63.9 crore towards stamp duty and Goods & Services Tax (GST) for the registration of the transaction. After accounting for these charges, the total outlay for the deal nears ₹703 crore.
This landmark purchase by Tewari comes hot on the heels of another significant deal earlier this month. Billionaire banker Uday Kotak set a national benchmark by finalizing the purchase of eight additional apartments, completing the acquisition of an entire residential building on Worli Sea Face for over ₹400 crore. Some of Kotak’s transactions were reportedly closed at a rate of ₹2.90 lakh per square foot, factoring in land rights as he now owns the entire building.
Mumbai’s real estate market, particularly in the ultra-luxury segment, has been on an unprecedented upswing. The city continues to dominate the country’s property landscape, registering the highest number of property transactions ever recorded in the month of April. This boom is fueled by unwavering demand from high-net-worth individuals, including industrialists, senior corporate leaders, film stars, and sports icons, who are increasingly investing in high-value properties in prime locations like South and Central Mumbai.
The market’s resilience is noteworthy, maintaining its streak of record-breaking transactions despite steady growth in property prices and a recent hike in ready reckoner (RR) rates by the government, effective from April 1st. This continued momentum underscores the robust investor confidence and the enduring appeal of Mumbai as a prime destination for luxury living and real estate investment.
