Luxury Real Estate in Mumbai: Second-Most Expensive Home Deal Sealed at Rs 2.83L per sq ft

In a significant move in the luxury real estate market, Leena Gandhi Tewari, chairperson of multinational pharma company USV, has purchased two duplex apartments in Mumbai's Worli area for Rs 639 crore. The properties, spanning 22,572 square feet, are located across the 32nd to 35th floors of the 40-storey Naman Xana residential complex. At more than Rs 2.83 lakh per sq ft on a carpet-area basis, this is the second-most expensive residential deal in the country in recent years, behind the one made by Kotak Mahindra Bank founder Uday Kotak.

Early this month, Kotak bought eight apartments in 19 Shiv Sagar, a three-storey property in Worli, for Rs 131.55 crore. One of the properties was bought at a rate of Rs 2.89 lakh per sq ft, according to reports. Earlier this year, Kotak also bought 12 apartments in the same complex for Rs 201 crore.

Tiwari could not be contacted, while Naman Xana developer Shree Naman Group did not respond to queries on the purchase. However, sources reveal that Shalu Real Estate, where Godrej Group executive director Tanya Dubash is a director, also bought a duplex apartment of 10,436 sq ft in Naman Xana for Rs 225 crore at around Rs 2.16 lakh per sq ft. The company paid stamp duty and goods and services tax (GST) of Rs 24 crore.

Worli has seen a surge in luxury residential deals in recent years. Last year, Metro Brands promoters bought a property worth Rs 405 crore in Shree Ram Urban Palais Royale. Additionally, the Radhakrishna Damani family and friends purchased apartments worth Rs 1,238 crore in Oberoi 360 West in Worli in 2023.

Luxury real estate is clearly driven by ultra high net worth individuals (UHNIs) and high-net-worth individuals (HNIs), as consultants have noted. India accounts for 3.7% of the world’s wealthy individuals, with 85,698 high-net-worth individuals (HNIs), according to Knight Frank’s The Wealth Report 2025. The country ranks fourth globally in the number of HNIs, following the US, China, and Japan. The number of Indian HNWIs grew by 6% year-on-year from 80,686 in 2023 to 85,698 in 2024.