India’s luxury housing market has reached a new high, with pharmaceutical billionaire Leena Gandhi Tewari acquiring two sea-facing duplex apartments in Mumbai in what was reported as the country’s most expensive residential property transaction.
Tewari, the chairperson of pharmaceutical major USV, purchased the ultra-luxury homes in the Naman Xana project at Worli Sea Face, one of Mumbai’s most exclusive residential locations.
The two duplexes were purchased for a base price of ₹639 crore. After including stamp duty, Goods and Services Tax and other charges, the total transaction value rose to nearly ₹703 crore.
Spread across multiple upper floors of the luxury tower, the apartments have a combined area of around 22,572 square feet. The transaction reportedly works out to nearly ₹3 lakh per square foot when the total acquisition cost is considered, setting a new benchmark in India’s ultra-premium housing market.
The apartments offer uninterrupted views of the Arabian Sea and are located in Mumbai’s prestigious Worli neighbourhood, which has emerged as a preferred residential destination for billionaires, industrialists and corporate leaders.
The deal underlines the continued demand for trophy properties in Mumbai despite high interest rates and broader uncertainty in the real estate market. Wealthy buyers continue to invest heavily in spacious, sea-facing residences offering privacy, exclusivity and premium amenities.
Leena Gandhi Tewari heads USV, a family-run pharmaceutical company with a strong presence in diabetes, cardiovascular medicines, biosimilars and active pharmaceutical ingredients.
The record-breaking purchase also reflects the extraordinary rise in property values across Mumbai’s most sought-after locations. Prices in luxury projects at Worli, Malabar Hill and South Mumbai have climbed sharply as the limited availability of large sea-facing homes attracts some of India’s wealthiest buyers.
With a total value of nearly ₹703 crore, Tewari’s acquisition has raised the bar for luxury housing transactions in the country and placed Mumbai firmly among the world’s most expensive residential property markets.
