Mumbai's Luxury Real Estate Market Sees Second-Costliest Deal at Rs 2.83L per Sq Ft
Leena Gandhi Tewari, chairperson of USV, has sealed the second-most expensive residential deal in Mumbai, purchasing two duplex apartments for Rs 639 crore. The rate of Rs 2.83 lakh per sq ft highlights the growing interest of ultra-high-net-worth individuals (UHNIs) in luxury real estate.
Luxury Real EstateHighnetworth IndividualsMumbaiProperty InvestmentResidential PropertyReal EstateMay 29, 2025
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.
Frequently Asked Questions
Who is Leena Gandhi Tewari?
Leena Gandhi Tewari is the chairperson of multinational pharma company USV. She recently made a significant investment in luxury real estate by purchasing two duplex apartments in Mumbai for Rs 639 crore.
What is the rate per sq ft for the apartments bought by Leena Gandhi Tewari?
The apartments were bought at a rate of more than Rs 2.83 lakh per sq ft on a carpet-area basis.
What other high-profile real estate deals have been made in Worli recently?
Recent high-profile deals in Worli include the purchase of apartments by Uday Kotak, Metro Brands promoters, and the Radhakrishna Damani family. These transactions highlight the area's appeal to ultra-high-net-worth individuals.
How many high-net-worth individuals are there in India, according to Knight Frank’s The Wealth Report 2025?
According to Knight Frank’s The Wealth Report 2025, India has 85,698 high-net-worth individuals (HNIs), accounting for 3.7% of the world’s wealthy individuals.
Why is the luxury real estate market in Mumbai attracting such high investments?
The luxury real estate market in Mumbai is attracting high investments due to the growing wealth accumulation in India and the increasing interest of ultra-high-net-worth individuals (UHNIs) and high-net-worth individuals (HNIs) in premium properties.
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