Leena Tewari's ₹703 Crore Duplex Sets New Record in Mumbai's Luxury Real Estate
Leena Gandhi Tewari, chairperson of pharmaceutical giant USV, has purchased two ultra-luxury, sea-facing duplex apartments in Mumbai’s upscale Worli area for a staggering ₹703 crore, setting a new national record.
Mumbai Real EstateLuxury ApartmentsHighvalue TransactionsLeena TewariUsv PharmaceuticalsReal EstateJun 03, 2025
While this deal has made waves, transactions at ₹2 lakh per sq ft and above are not entirely new in Mumbai’s high-end real estate segment. Historical data since 2016 reveals that Mumbai has seen at least eight such high-value luxury apartment deals where the price exceeded ₹2 lakh per square foot, based on the carpet area.
1) Leena Gandhi Tewari buys two sea-facing luxury duplex flats for ₹639 crore in Worli
On May 28, 2025, Leena Tewari, Chairperson of USV Pharmaceuticals, made headlines with the purchase of two sea-facing luxury duplex apartments in the Naman Xana building, located in Mumbai’s upscale Worli area. The total deal was valued at ₹639 crore, with an additional stamp duty payment of ₹31.95 crore. This transaction set a new benchmark in India’s residential real estate market, recording the highest-ever price per square foot at ₹3,17,630, according to data from CRE Matrix. However, considering the combined RERA carpet area of over 11,000 sq ft, the effective per square foot price works out to approximately ₹2.83 lakh, it noted.
2) Uday Kotak and family purchase an apartment in Worli for ₹2.89 lakh per sq ft
In February 2025, Uday Kotak and his family invested ₹424.24 crore to acquire 23 units in the Shri Shiv Sagar CHS, also located in Worli. The stamp duty for the transaction amounted to ₹24.86 crore, and the highest per sq ft rate for one of the 23 apartments was ₹2,89,855, according to data shared by CRE Matrix.
3) Worli recorded a property transaction at the rate of ₹2.40 lakh per sq ft as early as 2016
In a notable high-value transaction, on August 11, 2016, AIPS Realty acquired a unit in the Silverene Terraces building in Worli for ₹95.4 crore, with a stamp duty payment of ₹4.77 crore. According to data from CRE Matrix, the deal recorded a peak price of ₹2,40,732 per square foot.
4) Yashvardhan Jatia bought luxury flats in Tardeo for ₹68 crore at ₹2.24 lakh per sq ft in 2017
On July 26, 2017, Master Yashvardhan Arun Kumar Jatia acquired two luxury flats in the 33 South building, located in Tardeo, for a total of ₹68 crore. The stamp duty paid was ₹3.4 crore, with the highest per sq ft price touching ₹2,24,022, according to property registration documents accessed by CRE Matrix.
5) Luxury apartment sold in Ashford Palazzo at Tardeo for ₹2.09 lakh per sq ft
Empire Industries Limited in August 2017 had purchased a unit in Ashford Palazzo, Tardeo, for ₹45 crore, paying ₹2.25 crore in stamp duty. The highest per sq ft price recorded for this transaction was ₹2,09,032, according to documents accessed by CRE Matrix.
6) Godrej Carmichael luxury apartment sold at ₹2.08 lakh per sq ft
On March 25, 2025, Ceres Developers Pvt Ltd acquired two units in Godrej Carmichael, Tardeo, for ₹140.7 crore. The stamp duty for the deal was ₹8.44 crore, with the highest per sq ft rate of ₹2,08,360.
7) Malabar Hill flat sold at ₹2 lakh per sq ft
In March 2021, Shailendra Hemchand purchased a luxury unit in Ashford Apartments, located in the upscale Malabar Hill area, for ₹54 crore. The transaction involved a stamp duty payment of ₹1.62 crore. According to documents accessed via CRE Matrix, the highest price per square foot achieved in this deal was ₹2,00,671.
8) ₹2 lakh per sq ft deal closed at Mumbai’s 33 South, Tardeo
In February 2021, Jiten Hiralal Doshi acquired a high-end apartment in the 33 South building in Tardeo for ₹30.5 crore, with a stamp duty payment of ₹92 lakh. The transaction recorded a peak price of ₹2,00,378 per square foot, according to CRE Matrix data.
What fetched these apartments ₹2 lakh per sq ft or more?
A closer analysis of the eight high-value luxury apartment transactions reveals that six of them were secondary sales or resale deals between individual buyers, while only two, in the Naman Xana and Godrej Carmichael projects, were primary sales directly from developers to homebuyers. “A clear pattern emerging from these rare transactions crossing ₹2 lakh per sq ft is the location,” said Ritesh Mehta, Senior Director and Head (North and West), Residential Services and Developer Initiatives at JLL India. “These addresses, Worli, Tardeo, and Malabar Hill, are among the most prestigious in Mumbai. This segment caters exclusively to the ultra-rich, which is what drives prices to such levels.”
Mehta further explained, “Another key factor is the profile of the buyers. These are individuals who have the financial capacity to push prices higher while also viewing real estate as a means of wealth preservation and long-term investment. In contrast, for the average buyer looking at properties in the ₹5–10 crore range, every rupee matters. They are far more cautious and price-sensitive during negotiations.”
Sea view never disappoints
According to real estate experts, one key reason luxury apartments command record-breaking prices is their sea-facing location, a highly coveted feature in Mumbai's property market. Commenting on Leena Tewari’s landmark purchase, Abhishek Kiran Gupta, CEO and co-founder of CRE Matrix, said that this “extraordinary high-floor residence offers a rare combination of features: the mystical 'Khandala fog' during monsoons, uninterrupted views of the Arabian Sea, a breathtaking panorama of Mumbai’s 'Golden Gate' Bridge, and permanently protected views due to its location on the oceanfront. Mumbai’s luxury real estate market continues to break records, but we’re not surprised.”
Frequently Asked Questions
What is the total transaction value of Leena Tewari's luxury duplex apartments in Worli?
The total transaction value, including taxes, is ₹703 crore.
What is the highest price per square foot recorded in Leena Tewari's deal?
The highest price per square foot recorded in the deal is ₹3,17,630.
Where are the most prestigious locations for luxury real estate in Mumbai?
The most prestigious locations for luxury real estate in Mumbai are Worli, Tardeo, and Malabar Hill.
Who is Ritesh Mehta, and what does he say about the high-value luxury apartment transactions?
Ritesh Mehta is the Senior Director and Head (North and West), Residential Services and Developer Initiatives at JLL India. He notes that the key factors driving these high-value transactions are the prestigious locations and the financial capacity of the buyers.
What features make Leena Tewari’s duplex apartments in Naman Xana unique?
Leena Tewari’s duplex apartments in Naman Xana offer a rare combination of features, including the mystical 'Khandala fog' during monsoons, uninterrupted views of the Arabian Sea, a breathtaking panorama of Mumbai’s 'Golden Gate' Bridge, and permanently protected views due to its oceanfront location.
Related News Articles
Stocks Hitting 20% Upper Circuit Today: Are You Holding Any?
Landmark Property Development Company has been delivering premium real estate projects in Mumbai since 1976, boasting over 3 million square feet of development.
Mumbai-Based Real Estate Developer Pranav Constructions Files IPO Papers
Pranav Constructions, a prominent real estate developer based in Mumbai, has filed draft papers with SEBI to raise funds through an initial public offering (IPO) of Rs 392 crore. The company aims to use these funds for various projects and to strengthen i
Cement Prices Drop 7% in April-January FY25: Industry Report
Cement prices experienced a significant decline of 7% during the April-January period of FY25, according to a recent industry report. This decrease is attributed to increased production from recently acquired capacities and improved operational efficiency
Tribeca to Construct Trump Towers-Branded Office Building in Pune
Tribeca, the Indian real estate developer associated with Trump Towers, is set to expand its portfolio with a new office building in Pune. The project underscores the enduring brand power of the Trump name in the real estate sector, despite recent controv
Quadruple Railway Line Proposed Between Karjat and Panvel: A Major Boost for Public Transport
The Mumbai Railway Vikas Corporation (MRVC) has proposed a Rs 4.92 billion project to quadruple the railway line between Karjat and Panvel, aiming to enhance public transport and freight movement in the region.
Housing Sales in 15 Tier-II Cities Decline 8% to 43,781 Units in Q1: PropEquity Report
Housing sales in 15 major Tier-II cities declined 8% to 43,781 units in the first quarter of 2025, according to a report by PropEquity. Despite the drop in volume, sales in value terms increased by 6% to ₹40,443 crore. Lucknow saw the highest increase with a 25% rise in units sold.