Leena Gandhi Tewari, Chairperson of pharmaceutical giant USV, has purchased two luxury sea-facing duplex apartments in Mumbai’s upscale Worli area for a staggering Rs 639 crore. With an additional Rs 63.9 crore spent on stamp duty and GST, the total value of the deal stands at Rs 703 crore—marking India’s most expensive residential property transaction to date.
Situated in the 40-storey Naman Xana tower along Worli Sea Face, the duplexes occupy the 32nd to 35th floors and span over 22,500 sq. ft. At over Rs 2.83 lakh per sq. ft., the deal has set a new record in Mumbai’s real estate market, surpassing even Malabar Hill in terms of price per square foot.
This high-profile purchase underscores a growing trend of pharmaceutical tycoons investing in ultra-luxury housing. Experts suggest that post-COVID wealth accumulation in the pharma sector has prompted high-net-worth individuals (HNIs) to shift focus towards exclusive sea-facing homes as both status symbols and secure investments.
Worli Sea Face, with its unobstructed ocean views, limited inventory, and proximity to major infrastructure projects like the Mumbai Coastal Road, is fast becoming a magnet for India’s ultra-rich. Other major buyers include Uday Kotak and family, who recently acquired an entire building in the same area for over Rs 400 crore, and Sun Pharma’s Vibha Shanghvi, who bought two apartments worth Rs 130 crore.
The Zydus Family Trust and senior executives from Althera and Alkem Laboratories have also invested in high-value properties across Worli and South Mumbai, further cementing pharma’s growing footprint in the luxury housing segment.
While this deal sets a new benchmark, experts caution that such prices may not reflect broader market trends, even as demand for prime sea-facing residences continues to soar.
Source: Hindustan Times
