Why India's 1% are staking claims in the luxury concrete jungle; 10 biggest realty splurges
One of India's costliest residential transactions to date saw pharma billionaire Leena Gandhi Tewari, chairperson of USV Ltd, spend ₹635 crore on two sea-facing duplexes in Naman Xana, Worli. Spread over four floors with a combined carpet area of 22,572 sq ft, the deal works out to ₹2.83 lakh per sq ft,
setting a new national benchmark
, as per ET.
Over the past few years, India's ultra-high-net-worth individuals (UHNWIs) have ramped up investments in residential real estate, reshaping the country's luxury housing landscape. The headline numbers say it all. Tewari's ₹639 crore twin duplex deal in Worli, the Kotak family's ₹628 crore consolidation of nearly an entire sea-facing building in Mumbai, and DMart founder Radhakishan Damani's ₹1,000 crore heritage bungalow acquisition in Malabar Hill.
The message is clear. India's wealthy are not limiting their investments to equities or startups. Increasingly, they are putting money into bricks and mortar. And not just any bricks and mortar but the most coveted addresses in the country.
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Also Read:
Indian residential real estate hits new highs with record-breaking apartment deals in Mumbai
What is driving the trend?
Several factors are at play. First, there is growing conviction that luxury real estate in India is entering a golden phase. Demand for marquee properties is far outstripping supply, particularly in prime pockets such as Lutyens' Delhi, Malabar Hill, Worli, and Golf Course Road in Gurugram. That scarcity is pushing prices into uncharted territory.
Tewari's purchase at ₹2.83 lakh per sq ft set a new national record. In Gurugram, DLF Camellias has seen rates reach as high as ₹1.17 lakh per sq ft according to Anarock and media reports. Furthermore, a recent Knight Frank report revealed that Mumbai, Bengaluru, and Delhi ranked among the top 15 global cities for prime residential price growth in Q1 2025, with Bengaluru placed fourth, Mumbai fifth, and Delhi fifteenth. The report tracked price movements across prime residential markets in 45 global cities, highlighting India's rising prominence in the luxury real estate segment.
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Many of these deals carry strategic value. Take the Kotak family's near-total ownership of a sea-facing building in Worli. It is widely seen as a redevelopment play. These are not just end-use homes but investment vehicles, with long-term potential for high-yield luxury apartments or mixed-use projects.
India's top luxury residential deals
Sl No.
Buyer
Location
Deal Value (₹ cr)
Highlights
1
Radhakishan Damani (reportedly)
Malabar Hill, Mumbai
1,000
Heritage bungalow; 1.5-acre plot; redevelopment potential
2
Leena Gandhi Tewari
Worli, Mumbai
639
Twin duplexes; ₹2.83 lakh/sq ft; 22,572 sq ft
3
Uday Kotak family
Worli Sea Face, Mumbai
628 (426 + 202)
21 of 24 flats; potential redevelopment
4
Kumar Mangalam Birla
Malabar Hill, Mumbai
425
Jatia House; 25,000 sq ft bungalow
5
J.P. Taparia family
Three Sixty West, Worli, Mumbai
369
6 apartments; 5,000 sq ft each
6
Rishi Parti & others
DLF Camellias, Gurugram
285 (190 + 95)
Penthouse + apartment; ₹1.17 lakh/sq ft
7
Nadir Godrej
Malabar Hill, Mumbai
180
3 apartments in Ruparel House
8
Vasudha Rohatgi
Golf Links, Delhi
160
2,160 sq yd bungalow
9
Bhanu Chopra
Golf Links, Delhi
127.5
11,000 sq ft bungalow
10
Gaurav Trehan
Malabar Hill, Mumbai
88
5,381 sq ft flat with private deck
(Sources: Industry data, media reports)
What the numbers reveal
According to the Knight Frank Wealth Report 2024, India's UHNWI population grew by six percent last year to reach 85,698. This number is expected to rise to 93,753 by 2028. Residential real estate now accounts for 32% of their investment portfolios, up from 25% in 2020. This is a notable shift towards tangible, high-value assets.
India's real estate sector began 2025 on a strong note. CBRE's India Market Monitor Q1 report shows that equity investments surged to $3 billion in the January to March quarter, a 74% year-on-year jump driven by developer activity and increased interest in Real Estate Investment Trusts (REITs).
The luxury housing segment stood out with sales up 28% year-on-year. Delhi-NCR led the surge, with a balance between new launches and demand. Bengaluru, Mumbai and Delhi-NCR together accounted for 67% of total equity inflows, showing their dominance as real estate hubs.
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High-end deals continue to set records. Nadir Godrej spent ₹180 crore on three apartments in Malabar Hill. Rishi Parti paid ₹190 crore for a penthouse in DLF Camellias. Even relatively new entrants such as RateGain founder Bhanu Chopra are buying into this segment with his ₹127.5 crore Golf Links bungalow.
Several other marquee transactions, including a reported ₹500 crore sea-facing bungalow in Mumbai's Cuffe Parade, remain confidential due to privacy clauses.
This boom in ultra-luxury real estate is about more than just eye-popping prices. It reflects a structural shift in how India's wealthiest individuals are allocating capital. With global real estate markets stagnating and Indian equities prone to volatility, many billionaires are looking inward for stability and finding it in landmark properties with enduring value.
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