Mumbai's Ultra-Luxury Real Estate: Leena Tewari's ₹703 Cr Duplex Deal Tops the Charts

Leena Gandhi Tewari, chairperson of pharmaceutical giant USV, has set a new record with her purchase of two luxury duplex apartments in Mumbai's upscale Worli area for ₹703 crore. Discover the top luxury property deals in Mumbai.

MumbaiLuxury Real EstateHighvalue Property DealsLeena TewariWorliReal Estate MumbaiJun 02, 2025

Mumbai's Ultra-Luxury Real Estate: Leena Tewari's ₹703 Cr Duplex Deal Tops the Charts

Real Estate Mumbai:The Mumbai real estate market has been making headlines with some of the most extravagant property deals in recent years. One of the most notable transactions is the recent purchase by Leena Gandhi Tewari, chairperson of pharmaceutical giant USV, who bought two ultra-luxury, sea-facing duplex apartments in the upscale Worli area for a staggering ₹639 crore. Including taxes, the total transaction value rose to ₹703 crore, setting a new national record. The per square foot rate of nearly ₹3 lakh makes it the most expensive residential property deal ever recorded in India, highlighting the continued surge in the ultra-luxury real estate market in the financial capital.

Historical data since 2016 reveals that Mumbai has seen at least eight such high-value luxury apartment deals where the price exceeded ₹2 lakh per square foot, based on the carpet area. Here’s a look at eight notable transactions where luxury apartments have fetched above ₹2 lakh per sq ft:

1) Leena Gandhi Tewari buys two sea-facing luxury duplex flats for ₹639 crore in Worli
On May 28, 2025, Leena Tewari, Chairperson of USV Pharmaceuticals, made headlines with the purchase of two sea-facing luxury duplex apartments in the Naman Xana building, located in Mumbai’s upscale Worli area. The total deal was valued at ₹639 crore, with an additional stamp duty payment of ₹31.95 crore. This transaction set a new benchmark in India’s residential real estate market, recording the highest-ever price per square foot at ₹3,17,630, according to data from CRE Matrix. However, considering the combined RERA carpet area of over 11,000 sq ft, the effective per square foot price works out to approximately ₹2.83 lakh.

2) Uday Kotak and family purchase an apartment in Worli for ₹2.89 lakh per sq ft
In February 2025, Uday Kotak and his family invested ₹424.24 crore to acquire 23 units in the Shri Shiv Sagar CHS, also located in Worli. The stamp duty for the transaction amounted to ₹24.86 crore, and the highest per sq ft rate for one of the 23 apartments was ₹2,89,855, according to data shared by CRE Matrix.

3) Worli recorded a property transaction at the rate of ₹2.40 lakh per sq ft as early as 2016
In a notable high-value transaction, on August 11, 2016, AIPS Realty acquired a unit in the Silverene Terraces building in Worli for ₹95.4 crore, with a stamp duty payment of ₹4.77 crore. According to data from CRE Matrix, the deal recorded a peak price of ₹2,40,732 per square foot.

4) Yashvardhan Jatia bought luxury flats in Tardeo for ₹68 crore at ₹2.24 lakh per sq ft in 2017
On July 26, 2017, Master Yashvardhan Arun Kumar Jatia acquired two luxury flats in the 33 South building, located in Tardeo, for a total of ₹68 crore. The stamp duty paid was ₹3.4 crore, with the highest per sq ft price touching ₹2,24,022, according to property registration documents accessed by CRE Matrix.

5) Luxury apartment sold in Ashford Palazzo at Tardeo for ₹2.09 lakh per sq ft
Empire Industries Limited in August 2017 had purchased a unit in Ashford Palazzo, Tardeo, for ₹45 crore, paying ₹2.25 crore in stamp duty. The highest per sq ft price recorded for this transaction was ₹2,09,032, according to documents accessed by CRE Matrix.

6) Godrej Carmichael luxury apartment sold at ₹2.08 lakh per sq ft
On March 25, 2025, Ceres Developers Pvt Ltd acquired two units in Godrej Carmichael, Tardeo, for ₹140.7 crore. The stamp duty for the deal was ₹8.44 crore, with the highest per sq ft rate of ₹2,08,360.

7) Malabar Hill flat sold at ₹2 lakh per sq ft
In March 2021, Shailendra Hemchand purchased a luxury unit in Ashford Apartments, located in the upscale Malabar Hill area, for ₹54 crore. The transaction involved a stamp duty payment of ₹1.62 crore. According to documents accessed via CRE Matrix, the highest price per square foot achieved in this deal was ₹2,00,671.

8) ₹2 lakh per sq ft deal closed at Mumbai’s 33 South, Tardeo
In February 2021, Jiten Hiralal Doshi acquired a high-end apartment in the 33 South building in Tardeo for ₹30.5 crore, with a stamp duty payment of ₹92 lakh. The transaction recorded a peak price of ₹2,00,378 per square foot, according to CRE Matrix data.

A closer analysis of the eight high-value luxury apartment transactions reveals that six of them were secondary sales or resale deals between individual buyers, while only two, in the Naman Xana and Godrej Carmichael projects, were primary sales directly from developers to homebuyers.

“A clear pattern emerging from these rare transactions crossing ₹2 lakh per sq ft is the location,” said Ritesh Mehta, Senior Director and Head (North and West), Residential Services and Developer Initiatives at JLL India. “These addresses, Worli, Tardeo, and Malabar Hill, are among the most prestigious in Mumbai. This segment caters exclusively to the ultra-rich, which is what drives prices to such levels.”

Mehta further explained, “Another key factor is the profile of the buyers. These are individuals who have the financial capacity to push prices higher while also viewing real estate as a means of wealth preservation and long-term investment. In contrast, for the average buyer looking at properties in the ₹5–10 crore range, every rupee matters. They are far more cautious and price-sensitive during negotiations.”

According to real estate experts, one key reason luxury apartments command record-breaking prices is their sea-facing location, a highly coveted feature in Mumbai's property market. Commenting on Leena Tewari’s landmark purchase, Abhishek Kiran Gupta, CEO and co-founder of CRE Matrix, said that this “extraordinary high-floor residence offers a rare combination of features: the mystical 'Khandala fog' during monsoons, uninterrupted views of the Arabian Sea, a breathtaking panorama of Mumbai’s 'Golden Gate' Bridge, and permanently protected views due to its location on the oceanfront. Mumbai’s luxury real estate market continues to break records, but we’re not surprised.”

Frequently Asked Questions

What is the most expensive residential property deal recorded in India?

The most expensive residential property deal recorded in India is the purchase of two ultra-luxury, sea-facing duplex apartments in the Worli area by Leena Gandhi Tewari, chairperson of USV Pharmaceuticals, for ₹703 crore, including taxes.

What factors contribute to the high prices of luxury apartments in Mumbai?

The high prices of luxury apartments in Mumbai are driven by factors such as prestigious locations like Worli, Tardeo, and Malabar Hill, sea-facing views, and the financial capacity of ultra-rich buyers who view real estate as a means of wealth preservation and long-term investment.

How many high-value luxury apartment deals have been recorded in Mumbai since 2016?

Since 2016, Mumbai has seen at least eight high-value luxury apartment deals where the price exceeded ₹2 lakh per square foot, based on the carpet area.

What is the significance of the location in luxury property deals?

The location is a significant factor in luxury property deals, with prestigious areas like Worli, Tardeo, and Malabar Hill being highly sought after. These locations offer features such as sea-facing views and a high standard of living, which are highly valued by ultra-rich buyers.

Who are the typical buyers of these ultra-luxury properties in Mumbai?

The typical buyers of ultra-luxury properties in Mumbai are individuals with significant financial capacity, such as business tycoons, high-net-worth individuals, and investors who view real estate as a means of wealth preservation and long-term investment.