Mumbai's Luxury Real Estate Market Sees Second-Costliest Deal at Rs 2.83L per Sq Ft

In a significant move in the luxury real estate market, Leena Gandhi Tewari, the chairperson of multinational pharma company USV, has acquired two duplex apartments in the prestigious Worli area of Mumbai for a staggering Rs 639 crore. The properties, spanning 22,572 square feet across the 32nd to 35th floors of the 40-storey Naman Xana residential complex, were bought at a rate of more than Rs 2.83 lakh per sq ft on a carpet-area basis. This deal ranks as the second-most expensive residential transaction in the country in recent years, second only to the one made by Kotak Mahindra Bank founder Uday Kotak.

Early this month, Kotak purchased eight apartments in 19 Shiv Sagar, a three-storey property in Worli, for Rs 131.55 crore. One of these 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.

Despite the high-profile nature of the transaction, Tewari could not be contacted for comment, and the developer, Shree Naman Group, did not respond to queries regarding the purchase. However, sources reveal that Shalu Real Estate, a company 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 a rate of 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 been a hotbed for luxury residential deals in recent years. Last year, Metro Brands promoters acquired a property worth Rs 405 crore in Shree Ram Urban Palais Royale. In 2023, the Radhakrishna Damani family and friends bought apartments worth Rs 1,238 crore in Oberoi 360 West in Worli.

The luxury real estate market is clearly driven by ultra-high-net-worth individuals (UHNIs) and high-net-worth individuals (HNIs). According to Knight Frank’s The Wealth Report 2025, India accounts for 3.7% of the world’s wealthy individuals, with 85,698 HNIs. 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.

These figures underscore the growing interest and investment in luxury real estate among the country's elite, reflecting the robust health of the real estate sector and the increasing wealth accumulation in India.