Latest news with #LeenaTewari
Hindustan Times
21 hours ago
- Business
- Hindustan Times
Mumbai real estate market: Planning to sell a flat in an old building? Here's why it can be tough
Netizens have voiced concern about the challenges of selling flats in old buildings, despite the properties having clear titles. One Reddit user shared his experience of trying to sell a 2BHK in a 30-year-old building in Mumbai's Andheri area, but with no success. Despite trying both online platforms and offline channels, the flat has found no takers, highlighting a growing reluctance among buyers to invest in ageing properties. "We have been trying to sell our 2BHK flat in an old (~30-year-old) building in Andheri East, and it's been an absolute nightmare. We have paid and registered on almost every major platform you can think of. All of them promised dedicated support, sales assistance, etc. We even approached a local broker, thinking a real person on the ground might help, but no luck," the post reads. 'We're not even being unrealistic. We're willing to sell well below the market rate just to get it off our hands. But it's like the flat doesn't even exist. What are we doing wrong? Is this normal in Mumbai right now?' reads a Reddit post reflecting the frustration of a homeowner. The Reddit poster went on to question whether flats in older buildings have lost all value in today's market. 'Do people just not want to invest in older properties anymore, with new towers constantly coming up offering shiny amenities? What happens to the lakhs of us who still own flats in these older buildings?' Also Read: Leena Tewari's ₹703 cr duplex deal tops list of Mumbai luxury apartments sold for more than ₹2 lakh per sq ft Another user echoed the sentiment, commenting that their family is facing the same issue. 'We have a flat in a 35-year-old building. Ten years ago, we were getting a very good amount for it, but we did not sell in hopes of redevelopment. Now, we are ready to let it go for half that amount, but we are not getting any buyers,' the Redditor said. According to real estate consultants, selling apartments in old buildings isn't always difficult, it depends on several factors, such as a clear legal title, proper approvals, and the location's potential. Also Read: Key considerations for first-time homebuyers: Netizens say watch out for black mold and noisy open kitchens Take the example of Shiv Sagar Society, an old building on Worli Sea Face, which struck a rare and lucrative deal when Uday Kotak, founder of Kotak Mahindra Bank, purchased the entire building for over ₹400 crore. The property is located right next to land already owned by Kotak, making it a strategic acquisition. However, local brokers point out that not all homeowners are as fortunate. 'There have been instances where old buildings fetched high per sq ft rates, but that's largely due to prime location,' said Ritesh Mehta, senior director and head (North and West), Residential Services and Developer Initiatives at JLL India. 'In other areas, what matters most is the legal clarity of the building. If the title is clean and approvals are in place, a buyer may still show interest, often with redevelopment potential in mind. But if the title itself is unclear, selling becomes extremely difficult. That said, we never say it's impossible.' Also Read: Mumbai property tax rises by 15% on average; flats under 500 sq ft remain exempt Meanwhile, industry estimates suggest that over 25,000 old buildings in the Mumbai Metropolitan Region (MMR) are currently eligible for redevelopment.
India.com
5 days ago
- Business
- India.com
Meet woman who has bought India's most expensive apartments in Mumbai for Rs..., her name is..., business is....
Meet woman who has bought India's most expensive apartments in Mumbai for Rs..., her name is..., business is.... Mumbai's luxury real estate market has once again set a new record and reports suggest that a sea-facing duplex apartment in Worli has been sold for a staggering Rs. 639 crore, making it the most expensive residential property sold in India to date. The property spans a massive 22,572 square feet in a 40-floor building. The buyer is Leena Gandhi Tewari, chairperson of USV India, a pharmaceutical company. Leena Gandhi Tewari purchased two ultra-luxury units between the 32nd and 35th floors. The cost was around Rs. 2.83 lakh per square foot based on the carpet area. The property registration was completed earlier this week. According to documents, Tiwari alone paid more than Rs. 63.9 crore in stamp duty and GST. Worli, situated along the southern-central coastline of Mumbai, has become a hotspot for luxury housing. Who is Leena Gandhi Tewari? Leena Gandhi Tewari is the chairperson of USV Private Limited, a leading Indian pharmaceutical and biotechnology company. She is the granddaughter of Vithal Balkrishna Gandhi, who founded USV in 1961 in collaboration with Revlon. What began as a pharmaceutical importing company has grown into one of the major players in India's healthcare sector. Leena Tewari is also one of the richest women in India. As of May 29, 2025, her real-time net worth is estimated at USD 3.9 billion, according to Forbes. Globally, she ranks 964th among the world's richest people. In 2023, Forbes India listed her as the 45th richest woman in India. Her wealth surpasses that of well-known entrepreneurs like Kiran Mazumdar-Shaw of Biocon and Falguni Nayar of Nykaa. In 2023, her total wealth was estimated at USD 3.7 billion. While Leena Tewari serves as the face of the company, her husband currently oversees the business operations. USV Private Limited generates around USD 511 million in annual revenue, according to Forbes. Tewari did her from the University of Mumbai and Master of Business Administration from Boston University. USV among India's top 5 pharma companies USV Private Limited has grown into one of India's top five pharmaceutical companies specializing in medicines for diabetes and heart-related conditions. The company also manufactures biosimilar drugs, injectables, and active pharmaceutical ingredients (APIs). Leena Gandhi Tiwari's husband, Prashant Tiwari, plays an active role in the company's operations. He is an alumnus of IIT and studied Mechanical Engineering at Cornell University. In 2019, he donated Rs. 34 crore to various social causes. For this, Leena Tiwari was ranked third among India's top female philanthropists in the Hurun India Philanthropy List. Why Worli is becoming the address of choice for India's elite Worli, located in South-Central Mumbai, is fast becoming one of the most coveted addresses for India's ultra-rich. Its panoramic view of the Arabian Sea, close proximity to business hubs like Bandra and Nariman Point, and upcoming infrastructure projects such as the Sea Link extension make it an attractive destination for luxury real estate. Earlier this month, veteran banker Uday Kotak also made headlines for buying an entire sea-facing building in Worli for over Rs. 400 crore. Some apartments in that deal reportedly sold at around Rs. 2.9 lakh per sq ft, including ownership rights to the land, making it one of the most expensive real estate transactions in India. In February 2023, Godrej Properties acquired Raj Kapoor's iconic bungalow in Chembur for approximately Rs 100 crore, and that same year, family members and associates of DMart founder Radhakrishna Damani purchased 28 housing units in Worli for Rs 1,238 crore, according to Hindustan Times .
Time of India
5 days ago
- Business
- Time of India
Indian residential real estate hits new highs with record-breaking apartment deals in Mumbai
Indian residential real estate continues to set new benchmarks in terms of deal sizes and also on a per-sq-ft basis, driven by robust demand, limited supply in prime micro-markets, and the rising purchasing power of homebuyers. Luxury and premium segments in cities like Mumbai, Delhi-NCR, Bengaluru, and Hyderabad have recorded all-time high prices, with marquee projects touching or even surpassing Rs 1 lakh per sq ft in select pockets. With steady price escalation that reflects the sustained end-user interest and developer confidence, the momentum underscores the strength of the housing market on the back of India's sustained economic growth. Costliest Apartment Deals in India All record-breaking deals in Mumbai Year Buyer Rate/ Sq Ft Location May 2025 Leena Tewari Rs 2.83 lakh Worli Apr 2025 Uday Kotak Rs 2.75 lakh Worli Jan 2025 Uday Kotak Rs 2.72 lakh Worli Aug 2016 Alps Realty Rs 2.41 lakh Worli Jul 2017 Jatia Family Rs 2.24 lakh Tardeo Aug 2017 Ranjit Malhotra Rs 2.09 lakh Bhulabhai Desai Road Mar 2025 Ceres Developers Rs 2.08 lakh Tardeo Mar 2021 Shailendar H Hemchand Rs 2.01 lakh Malabar Hill Feb 2021 Jiten Doshi Rs 2 lakh Tardeo Source: Industry data, reports Live Events
Time of India
5 days ago
- Business
- Time of India
Who is Leena Tewari? Owner of India's costliest flats worth over Rs 700 crore, spanning 22,572 sq ft in Worli
Leena Tewari , the chairperson of Mumbai-based USV Pharmaceuticals , recently captured public attention for buying India's most expensive residential property—a pair of sea-facing luxury duplex apartments in Worli, Mumbai, for a staggering Rs 639 crore. She also paid Rs 63.9 crore stamp duty and GST. That's nearly Rs 703 crore in total. The landmark deal This landmark deal, reported by The Economic Times on May 28, set a new record in the Indian real estate market with a price exceeding Rs 2.83 lakh per sq ft on a carpet basis, covering 22,572 sq ft across the 32nd to 35th floors of a premium 40-storey tower overlooking the Arabian Sea. She paid over Rs 63.9 crore towards stamp duty and the Goods & Services Tax alone for the registration of the transaction. After accounting for these charges, she has paid a total of nearly Rs 703 crore for the deals. Though widely known among patients for USV's flagship medicines such as Glycomet (for diabetes), Ecosprin (a blood thinner), and Roseday (for cholesterol), Leena Tewari herself maintains a notably low profile. Leena Tewari's net worth Forbes estimates her net worth at $3.9 billion, placing her among India's richest women. Despite her immense wealth, she has kept a discreet presence in business and social circles. Live Events Tewari is also a close friend of Nita Ambani , a prominent figure in Indian business and philanthropy. USV: Leena Tewari's family-run company Under Tewari's leadership, USV remains a family-run company, steadfastly resisting pressures to sell out, bring in private equity, or go public. USV reported revenues of Rs 4,840 crore in FY24, driven by its stronghold on the Indian pharmaceutical market, especially in the diabetes segment. Glycomet ranks as the second-leading anti-diabetes drug in India, just behind GSK's Augmentin. The company's other brands like Ecosprin and Roseday also command significant market shares. Looking ahead, USV faces growing competition from new generation diabetes drugs. To maintain its edge, the company is focusing on expanding its insulin portfolio in India and developing generic versions of blockbuster weight-loss drugs such as Ozempic and Wegovy.
Economic Times
5 days ago
- Business
- Economic Times
Leena Tiwari: Meet the reclusive billionaire owner of India's costliest flats
Mumbai: Glycomet, Ecosprin and Roseday are medicine brands familiar to millions of patients of diabetes or heart condition in India. But not much is known about Leena Tewari, the reclusive chairperson of USV, the Mumbai-based drugmaker that sells those drugs, among many name bounced into news and social circles after she purchased two sea-facing luxury duplex apartments in Mumbai's upscale Worli area for a whopping Rs 639 crore, making it the country's costliest residential property. ET broke the news online on the evening of May transaction shook the property market observers, financial circles, and public at large as it set a record for the most expensive deal concluded in India ever. At over Rs 2.83 lakh per sq ft on carpet basis, the record-breaking deal involves a total area of 22,572 sq ft, spanning the 32nd to 35th floors of a 40-storey super-premium tower overlooking the Arabian Sea on Worli Sea Face. That's not all. Tewari paid over Rs 63.9 crore towards stamp duty and the Goods & Services Tax alone for the registration of the transaction. After accounting for these charges, she has paid a total of nearly Rs 703 crore for the stealth move to buy the plush property resonates remarkably with her demeanour. Few may even know that Leena Tewari is among the closest friends of Nita Ambani. Her husband Prashant Tewari, MD at USV, has a similar temperament and is mostly seen as a quiet and long-term strategic thinker. She is among India's richest women, with Forbes estimating her current net worth at $3.9 decades, the family-run company has braved fierce competition while many of its peers sold out or took on board private equity players to grow their business, or even went for a public listing to raise USV has remained owner-driven and grown its revenues to Rs 4,840 crore in FY24, according to data from Tracxn. Industry executives say Leena Tewari shows no rush and prefers a step-wise approach than stray into risky zones. "She has a core team of 10-12 loyal USV executives to oversee the operations. She has a good sense of timing and does not follow hype," a veteran executive told ET. Her singular focus can be seen from the value of USV's top brands. The anti-diabetes drug Glycomet, for instance, is the second leading product in the Indian pharmaceutical market with sales of Rs 806 crore, ranking next to antibiotic drug Augmentin of GSK, which grossed sales of Rs 820 crore over the last twelve-month period. In blood thinners, USV's Ecosprin and its variants commands a dominant position while Roseday is another popular brand to lower cholesterol in heart patients. But, challenges loom for the future. Glycomet is seeing increasing rivalry from new generation anti-diabetes drugs. USV is looking at a strong position in the insulin business in India. Sources say the company is also keen to develop copies of semaglutide, the material that goes into blockbuster weight-loss brands Ozempic and Wegovy. ( Originally published on May 29, 2025 )
