Mumbai's ₹639 Cr Property Deal: Why Pharma Tycoons Are Investing in Luxury Flats
Pharma firm USV’s chairperson, Leena Gandhi Tewari, buys two luxury sea-facing duplex apartments in Mumbai’s Worli for ₹639 crore, setting a new benchmark in the luxury real estate market.
Mumbai Real EstateLuxury ApartmentsPharma TycoonsWorliHighnetworth IndividualsReal EstateMay 30, 2025
The transaction underscores a significant uptick in luxury housing demand, particularly from the pharmaceutical sector. Real estate experts believe the post-COVID wealth surge has prompted many pharma promoters and executives to view high-end properties as both a secure investment and a status symbol.
“Pharma wealth is increasingly flowing into real estate,” said industry experts. The two duplexes that Tewari has bought are located in Naman Xana, a 40-storey premium tower on Worli Sea Face. The apartments span the 32nd to 35th floors and cover a total area of 22,572 sq. ft. According to registration documents dated May 28, 2025, the price works out to over ₹2.83 lakh per sq. ft. on carpet area. Local brokers say this is the highest amount ever paid for a residential deal in the country.
Tewari and Naman Developers could not be reached for a comment. The luxury tower constructed by Naman Developers houses only 16 residences: 9 simplex units, 5 duplexes, and a penthouse. The project Naman Xana is on the Worli Sea Face, close to the Bandra-Worli Sea Link and faces the Mumbai Coastal Road and the Arabian Sea. The entire Worli Sea Face stretch has several under-construction luxury projects. Worli in central Mumbai has become a hotspot for several luxury projects after South Mumbai, Lower Parel, Prabhadevi, and Bandra.
According to Ritesh Mehta, senior director and head (North and West), Residential Services and Developer Initiatives at JLL India, “This is a landmark deal for Mumbai real estate. It sets a new benchmark not just in Worli, but across the city. The sea-facing, unobstructed views and nearing completion status make these units highly desirable. However, whether this price is sustainable remains to be seen.”
He points out that ultra-luxury residential supply, particularly sea-facing properties that are ready or nearing completion, is extremely limited in the Mumbai market. This scarcity is driving a premium for such exclusive homes. Notably, the recent ₹600 crore purchase is not an investor-driven acquisition, but a personal buy, highlighting a growing segment of high-net-worth individuals (HNIs) seeking spacious, ready-to-move-in residences with unobstructed sea views.
“HNI-grade housing supply is rare in Mumbai,” he said, pointing out that “Buyers at this level are not speculators. They are looking for long-term, high-quality residences for self-use and are willing to pay top dollar for the right asset.”
At ₹2.8 lakh per sq ft, the ₹639 crore transaction sets a new benchmark in Mumbai's luxury segment, even surpassing traditional high-end locales like Malabar Hill. However, experts caution against assuming this will redefine market norms.
“While this deal raises the bar, it may not be representative of broader market pricing,” said a local broker. “Developer expectations may now rise, but there’s likely to be a gap between what they demand and what buyers are willing to pay.”
Despite that, Worli Sea Face is rapidly becoming the destination of choice for India’s ultra-rich, thanks to its combination of privacy, panoramic sea views, and limited supply of marquee properties. Earlier this month, billionaire Uday Kotak had set a national benchmark by picking up eight additional flats, thereby acquiring the entire building on Worli Sea Face for more than ₹400 crore.
The transaction also underscores a significant uptick in luxury housing demand, particularly from the pharmaceutical sector. Industry experts attribute this to post-COVID wealth accumulation, with many pharma professionals now turning to real estate as a safe and aspirational asset class.
“Pharma money is flowing into real estate,” noted an expert. “Where budgets earlier topped out at ₹100– ₹200 crore, buyers are now willing to spend ₹500 crore or more for their primary residence.”
Sandeep Reddy, co-founder of Zapkey, agrees that pharma company owners are increasingly splurging on luxury ‘trophy properties.’ He said that a strong fear of missing out (FOMO) is fueling these purchases, often at ‘freakish rates’ that defy conventional market logic.
According to documents accessed by Zapkey, Vibha Shanghvi, wife of Dilip Shanghvi, chairman and managing director of Sun Pharma, purchased two apartments worth ₹130 crore in Mumbai's Worli area last year. The two apartments were bought in the same project where Leena Tewari has bought the housing units. The same building was in the news last year when Barnsley Football Club's chairman, Neerav Parekh, and his mother, Kalpana Parekh, purchased two apartments worth ₹170 crore in the Worli area of Mumbai.
The Zydus Family Trust, associated with Zydus Lifesciences Limited, purchased a ₹200 crore luxury apartment in Mumbai's Worli, according to property registration documents. The 17,384-sq ft apartment is located on the 61st floor of Oberoi Three Sixty West, a luxury project by Mumbai-based real estate firm Oberoi Realty. Global pharma firm Althera’s CEO, Sanjeev Agarwal, has purchased three luxury apartments worth over ₹72 crore in Raheja Modern Vivarea, according to property registration documents. Alkem Laboratories promoter Mritunjay Kumar Singh’s wife, Seema Singh, had purchased a luxury apartment for ₹185 crore in the Worli area of Mumbai, according to property registration documents.
These high-profile transactions highlight the growing trend of pharma tycoons investing in luxury real estate, driven by a combination of wealth accumulation and the search for secure, high-quality investments in a rapidly evolving market.
Frequently Asked Questions
Why are pharma tycoons investing in luxury real estate?
Pharma tycoons are investing in luxury real estate due to the post-COVID wealth surge and the view of high-end properties as both a secure investment and a status symbol.
What is the significance of the ₹639 crore property deal in Worli?
The ₹639 crore property deal in Worli sets a new benchmark in Mumbai's luxury real estate market, highlighting the high demand for sea-facing, ultra-luxury properties.
How rare is the supply of ultra-luxury residential properties in Mumbai?
Ultra-luxury residential supply, particularly sea-facing properties that are ready or nearing completion, is extremely limited in the Mumbai market, making such exclusive homes highly desirable.
What factors are driving the high prices in Mumbai's luxury real estate market?
The high prices in Mumbai's luxury real estate market are driven by factors such as limited supply, desirable locations, and the increasing wealth of high-net-worth individuals.
Who are some other pharma tycoons investing in luxury real estate in Mumbai?
Other pharma tycoons investing in luxury real estate in Mumbai include Dilip Shanghvi of Sun Pharma, the Zydus Family Trust of Zydus Lifesciences, and Sanjeev Agarwal of Althera.
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