Mumbai's Luxury Property Market Soars as Wealthy Spend ₹7186 Crore in 2025
India’s wealthy individuals and entities spent over ₹7,100 crore on 51 ultra-luxury homes in 2025, marking one of the strongest years on record for the high-end residential market, according to data from Zapkey.
Leena Tiwari’s headline-grabbing ₹739 crore Mumbai property purchase, the largest single transaction of the year, underscored the increasing flow of pharmaceutical wealth into real estate. Market experts expect this momentum to continue into 2026, particularly if the substantial IPO-driven wealth generated this year continues to be channelled into property, lending sustained buoyancy to the super-luxury segment.
The year 2025 recorded the highest-ever number of super-luxury transactions, with nine deals exceeding the ₹200 crore mark, signalling a significant reset in ultra-luxury price benchmarks, data from Zapkey showed. The ₹100 crore club also expanded sharply, with a record 30 transactions crossing the ₹100 crore threshold during the year, the data showed.
Two cities, two luxury stories: Mumbai’s high-rises versus Delhi’s grand bungalows
Regionally, Mumbai led the market with 35 transactions worth about ₹5,100 crore, reaffirming its status as the country’s premier luxury real estate hub. Delhi NCR followed with 12 high-value deals, most of them concentrated in the elite Lutyens’ zone. Worli saw 21 of the top deals, cementing itself as the billionaire’s district of choice, the data showed.
While Mumbai buyers gravitated towards vertical luxury residences, Delhi saw over ₹1,500 crore spent largely on independent bungalows in prime locations such as APJ Abdul Kalam Road and Golf Links, the Zapkey data showed.
₹200 crore is the new ₹100 crore
The year 2025 saw the highest number of super-luxury deals, with nine transactions crossing the ₹200-crore mark, signalling a massive shift in ultra-luxury benchmarks, the data showed.
The top real estate deals of 2025
Pharmaceutical firm USV’s chairperson, Leena Gandhi Tewari, bought two luxury sea-facing duplex apartments in Mumbai’s posh Worli area for almost ₹739 crore. 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. As per 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.
The luxury tower constructed by Naman Developers houses only 16 residences: 9 simplex units, 5 duplexes, and a penthouse, they said. 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.
The deal set a new benchmark not just in Worli but across Mumbai. The sea-facing units, with unobstructed views and nearing completion, made them highly coveted. Ultra-luxury, ready-to-move-in residences of this kind are extremely limited in the city, driving a premium for such exclusive homes. Importantly, the purchase was a personal acquisition rather than an investor-driven deal, highlighting a growing segment of high-net-worth individuals (HNIs) seeking spacious, move-in-ready homes with uninterrupted sea views, said real estate experts.
The transaction also underscored the rarity of HNI-grade housing in Mumbai. “Buyers at this level are not speculators—they are looking for long-term, high-quality residences for personal use and are willing to pay top dollar for the right property,” said real estate experts.
The deal further reflected a notable rise in luxury housing demand, particularly from the pharmaceutical sector. Experts attribute this to post-COVID wealth accumulation, with many pharma professionals increasingly viewing real estate as both a safe and aspirational asset class. “Pharma money is flowing into real estate,” noted an industry expert. “Where budgets previously capped at ₹100–₹200 crore, buyers are now willing to spend ₹500 crore or more on their primary residence.”
Uday Kotak, founder of Kotak Mahindra Bank, and his family bought the entire building of 22 flats in Mumbai’s Worli for over ₹400 crore in 2025. They acquired 10 additional sea-facing apartments for over ₹200 crore in the Shiv Sagar Building. One of the transactions was recorded at a maximum price of ₹2.89 lakh per sq. ft., according to property registration documents.
In one of Delhi NCR’s priciest deals of the year, Mumbai-based Gentex Merchants Pvt Ltd, associated with steel tycoon Lakshmi Mittal, purchased a 3,540-square-yard bungalow on APJ Abdul Kalam Road (formerly Aurangzeb Road) in Lutyens’ Delhi for ₹310 crore.
Outlook 2026
Sandeep Reddy, co-founder of Zapkey, said the momentum in ultra-luxury real estate is likely to continue into 2026, especially if the significant IPO-driven wealth created this year keeps flowing into property, providing sustained support to the super-luxury segment.
