Inside Naman Xana In Mumbai, Where Pharma Royalty Leena Gandhi Tewari Bought Ultra-Luxury Flats For Rs 703 Crore
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Leena Gandhi Tewari, USV Pharmaceuticals Chairperson, bought two Mumbai flats.
She bought the duplexes for Rs 703 crore, in the residential tower Naman Xana.
The real-estate deal is among India's highest ever.
Mumbai's real estate scene is no stranger to luxury, but every now and then, a deal comes along that truly raises the bar.
On May 28, Leena Gandhi Tewari, Chairperson of USV Pharmaceuticals, bought two ultra-luxury, sea-facing duplex apartments in the prestigious Naman Xana tower. The property is located in Mumbai's upscale Worli neighbourhood.
As per a Hindustan Times report, the total value of the deal, including taxes, is a staggering Rs 703 crore, making it the most expensive residential property deal ever recorded in India.
A Record-Breaking Deal
Leena Gandhi Tewari's purchase of these two sea-facing duplexes sets a new benchmark in India's luxury real estate market.
Tewari bought two duplexes, 31st to the 35th floors in Naman Xana.
The deal was valued at Rs 639 crore.
An additional stamp duty payment of Rs 31.95 crore was part of the deal.
According to data from CRE Matrix, this transaction recorded the highest-ever price per square foot, at Rs 3,17,630.
However, considering the combined RERA (Real Estate Regulatory Authority) carpet area of over 11,000 sq ft, the effective price per square foot comes down to around Rs 2.83 lakh, the report noted.
What Is Naman Xana
Developed by the renowned Shree Naman Group, the Naman Xana residential tower is, according to the developers, a true example of architectural brilliance and luxury.
It is designed in collaboration with the famous architectural firm Talati & Partners.
The 150-metre residential tower overlooks the Worli Seaface and offers stunning panoramic views of the Arabian Sea.
The building features 22 residential floors and 11 dedicated parking levels.
The 'bare shell' design of Naman Xana allows for 6,500 square feet of space to be designed as 3BHK, 4BHK, or 5BHK as desired.
The space can also be customised to create duplex apartments with double-height spaces, says the website of Talati & Partners.
Clean lines, with a hint of cascading greens make for pockets of nature within the highrise.
Location Takes The Cake
Situated at Flora Junction on Worli Seaface, Naman Xana enjoys a prime location with unbeatable connectivity. The building sits in a corner plot, which adds to its overall USP. Residents of this tower have easy access to the Bandra-Worli Sea Link and the Western Express Highway, making travel across Mumbai quick and hassle-free.
The neighbourhood is also close to top shopping spots, fine dining restaurants and cultural landmarks.
Transactions of this nature aren't exactly new in the real-estate market in Mumbai, which has seen quite a few properties sold for more than Rs 2 lakh per square foot. In most of these cases, it is the location that decides the hefty price tag of the properties.
Worli, Tardeo and Malabar Hill are among the most prestigious locations, and in much demand with the ultra-rich. Add to that views of the Arabian Sea, and you have real-estate prices climbing further up.
Summing Up
Leena Gandhi Tiwari's acquisition of the two ultra-luxury apartments in Naman Xana marks a record deal in Indian real-estate. It is also an indicator of ultra-high net worth individuals investing in India's real-estate market.
Last month, DLF's ultra-luxury Trump Tower Residences in Gurugram, Haryana, were all sold out on its launch day itself.
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