Mumbai Real Estate Surges with ₹639 Cr Apartment Purchase: India's Most Expensive Deal Yet!
Mumbai's luxury real estate market has set a new record with the purchase of two sea-facing duplexes by USV Pharma's chairperson, Leena Gandhi Tewari, for ₹639 crore. The total transaction value, including stamp duty and GST, reaches ₹703 crore, making it the most expensive residential deal in India.
Mumbai Real EstateLuxury Real EstateHighnetworth IndividualsNaman XanaWorliReal Estate NewsMay 30, 2025
Located in Naman Developers’ Naman Xana tower, the duplexes span 22,572 sq. ft. across the 32nd to 35th floors, priced at over ₹2.83 lakh per sq. ft., surpassing even Malabar Hill’s elite rates. The deal highlights soaring demand from pharma magnates post-COVID, with experts noting a trend of ultra-HNIs splurging on trophy homes.
This follows other high-profile buys, including Uday Kotak’s ₹400-crore acquisition of an entire Worli building and Sun Pharma’s Dilip Shanghvi’s family purchasing ₹130-crore apartments nearby. Worli’s sea views and scarcity of premium inventory are driving record deals, said Ritesh Mehta of JLL India. However, analysts caution that while such transactions redefine luxury benchmarks, broader market sustainability remains uncertain.
With pharma wealth fuelling Mumbai’s high-end real estate boom, Worli is now the new hotspot for India’s ultra-rich. The area's strategic location and scenic beauty continue to attract the country's wealthiest individuals, driving up property values and setting new standards in the luxury real estate market.
Despite the record-breaking deal, experts advise that the broader real estate market in Mumbai should be approached with caution. While the ultra-luxury segment is thriving, the overall market still faces challenges such as high property prices, limited affordable housing, and economic uncertainties. Nonetheless, the recent transactions in Worli signal a strong recovery and growing confidence among high-net-worth individuals in the real estate sector.
Frequently Asked Questions
Who purchased the ₹639 crore apartments in Worli?
Leena Gandhi Tewari, the chairperson of USV Pharma, purchased the two sea-facing duplexes in Worli for ₹639 crore.
What is the total transaction value including stamp duty and GST?
The total transaction value, including stamp duty and GST, is ₹703 crore.
Where are the duplexes located?
The duplexes are located in Naman Developers’ Naman Xana tower, spanning 22,572 sq. ft. across the 32nd to 35th floors.
What is the price per sq. ft. for these duplexes?
The price per sq. ft. for these sea-facing duplexes is over ₹2.83 lakh.
What are the factors driving the high demand for luxury real estate in Worli?
Worli’s sea views, scarcity of premium inventory, and the growing wealth of pharma magnates are the key factors driving the high demand for luxury real estate in the area.
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