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. This deal, valued at Rs 2.83 lakh per sq ft, is the second-most expensive residential transaction in recent years.
Real EstateLuxury PropertyMumbaiHighnetworth IndividualsResidential ApartmentsReal Estate MumbaiMay 29, 2025
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.
Frequently Asked Questions
Who is Leena Gandhi Tewari?
Leena Gandhi Tewari is the chairperson of USV, a multinational pharmaceutical company based in India.
What is the Naman Xana residential complex?
Naman Xana is a 40-storey luxury residential complex located in the Worli area of Mumbai, known for its prime sea-facing properties.
What is the significance of the deal made by Uday Kotak?
Uday Kotak, the founder of Kotak Mahindra Bank, made the most expensive residential deal in recent years, purchasing apartments in Worli at rates exceeding Rs 2.89 lakh per sq ft.
How is the luxury real estate market in Mumbai performing?
The luxury real estate market in Mumbai is thriving, driven by ultra high net worth individuals (UHNIs) and high-net-worth individuals (HNIs), with significant deals being made in prime locations like Worli.
What is the current trend in the number of high-net-worth individuals in India?
The number of high-net-worth individuals (HNIs) in India has grown by 6% year-on-year, from 80,686 in 2023 to 85,698 in 2024, according to Knight Frank’s The Wealth Report 2025.
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