Mumbai's ₹639 Crore Property Deal: Pharma Tycoons Invest in Luxury Flats
Pharmaceutical firm USV's chairperson, Leena Gandhi Tewari, buys two luxury sea-facing duplex apartments in Mumbai’s posh Worli area for ₹639 crore. Explore why pharma tycoons are driving the luxury real estate market.
Mumbai Real EstateLuxury ApartmentsPharmaceutical WealthHighnetworth IndividualsWorli Sea FaceReal Estate MumbaiMay 30, 2025
The transaction underscores a growing trend where pharma tycoons are investing heavily in high-end real estate. Real estate experts believe that the post-COVID wealth surge has prompted many pharma promoters and executives to view luxury properties as both a secure investment and a status symbol. “Pharma wealth is increasingly flowing into real estate,” said industry experts, noting that the sector’s robust financial performance has provided the capital for such high-value purchases.
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. However, the luxury tower constructed by Naman Developers houses only 16 residences: 9 simplex units, 5 duplexes, and a penthouse. The project Naman Xana is situated on the Worli Sea Face, close to the Bandra-Worli Sea Link and facing the Mumbai Coastal Road and the Arabian Sea. The entire Worli Sea Face stretch has several under-construction luxury projects, making it a prime location for high-net-worth individuals (HNIs).
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.”
Mehta 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 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.
Other notable pharma deals in Mumbai include the purchase by Vibha Shanghvi, wife of Dilip Shanghvi, chairman and managing director of Sun Pharma, who bought two apartments worth ₹130 crore in Mumbai's Worli area last year. The Zydus Family Trust, associated with Zydus Lifesciences Limited, purchased a ₹200 crore luxury apartment in Mumbai's Worli, and Alkem Laboratories promoter Mritunjay Kumar Singh's wife, Seema Singh, bought a luxury apartment for ₹185 crore in the same area.
These transactions highlight the growing trend of pharma tycoons investing in luxury real estate, driven by a combination of wealth accumulation and the desire for high-end, secure investments.
Frequently Asked Questions
What is the most expensive residential property deal in Mumbai?
The most expensive residential property deal in Mumbai is the purchase of two luxury sea-facing duplex apartments in Worli by Leena Gandhi Tewari, chairperson of USV, for ₹639 crore.
Why are pharma tycoons investing in luxury real estate?
Pharma tycoons are investing in luxury real estate due to the post-COVID wealth surge, which has provided them with the capital to make such high-value purchases. They view these properties as both a secure investment and a status symbol.
What is the price per sq ft for the apartments bought by Leena Gandhi Tewari?
The price per sq ft for the apartments bought by Leena Gandhi Tewari is over ₹2.83 lakh on carpet area.
Where is Naman Xana located?
Naman Xana is located on the Worli Sea Face in Mumbai, close to the Bandra-Worli Sea Link and facing the Mumbai Coastal Road and the Arabian Sea.
What other notable pharma deals have been made in Mumbai?
Notable pharma deals in Mumbai include purchases by Vibha Shanghvi (wife of Dilip Shanghvi of Sun Pharma), the Zydus Family Trust, and Mritunjay Kumar Singh's wife Seema Singh, all involving luxury apartments in the Worli area.
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