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Time of India
3 days ago
- Business
- Time of India
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. Play Video Pause Skip Backward Skip Forward Unmute Current Time 0:00 / Duration 0:00 Loaded : 0% 0:00 Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 1x Playback Rate Chapters Chapters Descriptions descriptions off , selected Captions captions settings , opens captions settings dialog captions off , selected Audio Track default , selected Picture-in-Picture Fullscreen This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Text Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Transparent Caption Area Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Drop shadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. 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. Live Events Also Read: This area in Delhi-NCR saw a 98% property price rise in the last 5 years, see how much property prices appreciated in your locality 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. Also Read: Looking to buy an apartment in Mumbai for Rs 1 crore? These areas in the suburbs look promising 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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First Post
3 days ago
- Business
- First Post
Who is Leena Gandhi Tewari, who bought India's costliest flats for Rs 639 crore in Mumbai's Worli?
Leena Gandhi Tewari, chairperson of pharmaceutical company USV Ltd, has purchased two sea-facing duplex apartments for Rs 639 crore in Mumbai's Naman Xana, a luxury 40-storey tower on Worli Sea Face, offering sweeping views of the Arabian Sea. Including stamp duty and GST of Rs 63.90 crore, the total transaction value stands at Rs 703 crore. This is the most expensive residential property deal ever recorded in India read more Leena Gandhi Tewari is the chairperson of pharma company USV Ltd. Image: X Leena Gandhi Tewari, the chairperson of pharma company USV Ltd, has bought two sea-facing duplex apartments in Mumbai's upscale Worli area for Rs 639 crore. This is the costliest residential property transaction ever recorded in India, and among the biggest real estate deals in the country. The apartments cover floors 32 to 35, and the price works out to Rs 2.83 lakh per square foot, likely the highest rate seen in any residential market in India so far. STORY CONTINUES BELOW THIS AD With stamp duty and GST of Rs 63.90 crore, the total value of the deal comes to Rs 703 crore. As per property registration documents, the transaction was registered on May 28. But who is Leena Gandhi Tewari? What do we know about these apartments? As we break this down, what are some of the other most expensive real estate deals in India? And why are many pharma industry promoters and executives choosing to invest in luxury homes in Mumbai? Let's get you the answers to these questions and more. Leena has bought two sea-facing duplex apartments in the luxury high-rise Naman Xana on Worli Sea Face. The 40-storey tower offers clear views of the Arabian Sea. The duplexes span four floors, from the 32nd to the 35th, covering a total area of 22,572 square feet. At Rs 2.83 lakh per square foot, this makes it one of the highest-priced home purchases in India. In addition to the purchase cost, Leena also paid Rs 63.9 crore in stamp duty and GST, pushing the total amount spent to nearly Rs 703 crore. Mumbai has seen a sharp rise in big-ticket property purchases in recent months. Reuters/File Photo This makes it the most expensive residential deal ever recorded in the country. According to Fortune Magazine, the Naman Xana building was designed by Talaty & Partners LLP. It features 22 exclusive homes with open layouts of around 6,500 square feet, offering wide views of both the sea and the city. STORY CONTINUES BELOW THIS AD Part of Mumbai's ultra-premium property segment, the tower also enjoys improved access due to the new Coastal Road. Who is Leena Gandhi Tewari? Leena is a well-known name in India's pharmaceutical industry and serves as the chairperson of USV Private Limited. She has a net worth of $3.7 billion (over Rs. 30,000 crores) as of 2023, and is among India's richest women. USV was set up in 1961 by her grandfather, Vithal Balkrishna Gandhi. The company is a top player in India's market for oral anti-diabetic and heart-related medicines. It also makes active pharmaceutical ingredients (APIs). Notably, Leena holds a from the University of Bombay and an MBA from Boston University. Her husband, Prashant Tewari, is the Managing Director of USV. Their daughter, Aneesha, has a PhD in molecular biology from MIT, and their son, Vilas, is a computer science graduate from Boston. Both are on the company's board. India's most expensive real estate deals Billionaire banker Uday Kotak and his family purchased nearly the entire 19 Shiv Sagar building in Worli, a sea-facing property, for Rs 426 crore. As per documents reviewed by The Economic Times, the Kotak family had already bought 13 of the 24 apartments in this upscale building through deals completed in January and September 2024. STORY CONTINUES BELOW THIS AD Their latest purchase in April 2025 added another 8 apartments, taking their total to 21. Only two flats remain to be formally transferred to their name. These apartments in the two-storey building were bought at nearly Rs 2.72 lakh per square foot, the report said. In another high-value transaction, the promoters of Metro Brands purchased a large apartment in the under-construction Palais Royale in Lower Parel for Rs 405 crore. The flat measures over 38,000 square feet. According to data analysed by real estate consultancy Anarock, a total of 59 ultra-luxury homes were sold in 2024, with an overall sales value of around Rs 4,063 crore. This marked a 17 per cent rise in the total value of such deals compared to the previous year. Mumbai led the market with 52 out of these 59 deals, accounting for 88 per cent of all ultra-luxury property sales. Of the 17 deals that crossed Rs 100 crore in 2024, 16 were in Mumbai and one in Delhi-NCR (Gurugram). According to Business Standard, Mumbai's transactions included 14 apartments in Worli, Malabar Hill and Pali Hill, and two bungalows in Cuffe Parade and JVPD. STORY CONTINUES BELOW THIS AD This is the costliest residential property transaction ever recorded in India. Reuters/File Photo Mumbai's luxury housing sees high demand from the pharma sector Mumbai has seen a sharp rise in big-ticket property purchases in recent months. Among the major deals, the Kabra family of RR Kabel bought two apartments at 360 West in Worli for nearly Rs 200 crore. The promoters of Metro Brands picked up a large flat at Palais Royale in Lower Parel for Rs 405 crore, with the unit measuring over 38,000 square feet. Similar high-value deals have taken place at Lodha Malabar and other luxury projects across South Mumbai. In April, the city recorded its highest number of property registrations, which maintains its position as India's priciest and most active real estate market. South and Central Mumbai, which host the country's most expensive homes, continue to draw industrialists, senior executives, celebrities and sports stars. These areas have led the latest wave of record-breaking transactions. So what's behind the growing interest from pharma industry leaders? Real estate experts told Hindustan Times that the post-Covid jump in wealth has made luxury homes a go-to choice for pharma promoters and executives. They see such properties as both a stable investment and a symbol of success. STORY CONTINUES BELOW THIS AD As per documents accessed by Zapkey, Vibha Shanghvi, wife of Sun Pharma chairman and managing director Dilip Shanghvi, bought two flats worth Rs 130 crore in Worli last year. The apartments are in the same project where Leena Gandhi Tewari recently purchased her duplex units. Sandeep Reddy, co-founder of Zapkey, told HT that pharma promoters are snapping up luxury trophy homes at prices that often exceed market norms. He added that a strong fear of missing out (Fomo) is playing a big role in driving these record buys.
India Today
4 days ago
- Business
- India Today
Mumbai's record home deal: USV's chairperson picks up duplexes for Rs 639 crore
In one of the biggest property deals India has ever seen, Leena Gandhi Tewari, chairperson of pharmaceutical giant USV Ltd, has bought two luxury duplex flats in Mumbai's posh Worli area for Rs 639 sea-facing homes are in the high-end 40-storey Naman Xana building on Worli Sea Face, offering stunning views of the Arabian Sea. The duplexes are spread across four floors – from the 32nd to the 35th, covering a total area of 22,572 sq ft and come at a massive Rs 2.83 lakh per sq ft, making it one of the costliest home deals in the that's not all. Tewari also paid more than Rs 63.9 crore in stamp duty and GST for the registration, bringing the total amount spent to nearly Rs 703 far, neither Tewari nor the builder has commented on the deal, as per earlier this month, billionaire banker Uday Kotak purchased an entire residential building on Worli Sea Face by acquiring eight apartments, for over Rs 400 crore. Some of the units were bought at a rate of Rs 2.90 lakh per sq ft, including land rights. Meanwhile, Mumbai's property market shows no signs of slowing down and continues to top the charts as India's most expensive property market. Despite rising property prices and a recent hike in government-set ready reckoner (RR) rates, buyers are still eager to invest, especially in South and Central Mumbai. These areas are home to the country's priciest properties, drawing interest from top industrialists, business heads, film stars, and cricketers
Time of India
4 days ago
- Business
- Time of India
USV's chairperson buys two duplexes in Mumbai's Worli for ₹639 crore
Leena Gandhi Tewari, chairperson of multinational pharmaceutical and biotechnology company USV Ltd has acquired two sea-facing luxury duplex apartments in Mumbai 's plush Worli locality for Rs 639 crore. The record-breaking deal involves a total area of 22,572 sq ft spanning the 32nd to 35th floors of 40-storey super-premium tower Naman Xana overlooking the Arabian Sea on Worli Sea Face. At over Rs 2.83 lakh per sq ft on carpet basis, the transaction sets a new benchmark as the most expensive residential property sale ever recorded in India. Tewari has paid over Rs 63.9 crore towards stamp duty and the Goods & Services Tax (GST) alone for the registration of the transaction that took place on Wednesday, showed the documents accessed by ET. After accounting for these charges, she has paid a total of nearly Rs 703 crore for the deals. Earlier this month, billionaire banker Uday Kotak set a new national benchmark by finalising the purchase of eight additional apartments, completing the acquisition of an entire residential building on Worli Sea Face for over Rs 400 crore. Some of the transactions concluded by Kotak were closed at a rate of Rs 2.90 lakh per sq ft, but factoring in the inclusion of land rights, given that he now owns the entire building. ET's separate email queries to Tewari's team and the project's developer remained unanswered until the time of going to press. Mumbai, the country's largest and most expensive real estate market, has continued its record-setting spree by scaling yet another peak, registering the highest number of property transactions ever recorded in the month of April. The city continues to dominate the country's real estate market maintaining its streak of record-breaking transactions backed by unwavering demand from buyers despite steady growth in property prices and the government's recently announced hike in ready reckoner (RR) rates from April 1. South and Central Mumbai--home to India's costliest residences--have been at the forefront of this boom, attracting a string of high-value deals involving industrialists, senior corporate leaders, film stars, and sports icons in recent years.
Time of India
5 days ago
- Business
- Time of India
Record Deal: USV Chairperson Leena Tewari buys 2 luxury Worli duplexes for Rs 639 cr
Leena Gandhi Tewari, chairperson of multinational pharmaceutical and biotechnology company USV Ltd has acquired two sea-facing luxury duplex apartments in Mumbai's plush Worli locality for Rs 639 crore. The record-breaking deal involves a total area of 22,572 sq ft spanning the 32nd to 35th floors of 40-storey super-premium tower Naman Xana overlooking the Arabian Sea on Worli Sea Face. At over Rs 2.83 lakh per sq ft on carpet basis, the transaction sets a new benchmark as the most expensive residential property sale ever recorded in India. Tewari has paid over Rs 63.9 crore towards stamp duty and the Goods & Services Tax (GST) alone for the registration of the transaction that took place on Wednesday, showed the documents accessed by ET. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Has Honda Done It Again? The New Honda CR-V is Finally Here. TheFactualist Undo After accounting for these charges, she has paid a total of nearly Rs 703 crore for the deals. Earlier this month, billionaire banker Uday Kotak set a new national benchmark by finalising the purchase of eight additional apartments, completing the acquisition of an entire residential building on Worli Sea Face for over Rs 400 crore. Live Events Some of the transactions concluded by Kotak were closed at a rate of Rs 2.90 lakh per sq ft, but factoring in the inclusion of land rights, given that he now owns the entire building. ET's separate email queries to Tewari's team and the project's developer remained unanswered until the time of going to press. Mumbai, the country's largest and most expensive real estate market, has continued its record-setting spree by scaling yet another peak, registering the highest number of property transactions ever recorded in the month of April. The city continues to dominate the country's real estate market maintaining its streak of record-breaking transactions backed by unwavering demand from buyers despite steady growth in property prices and the government's recently announced hike in ready reckoner (RR) rates from April 1. South and Central Mumbai--home to India's costliest residences--have been at the forefront of this boom, attracting a string of high-value deals involving industrialists, senior corporate leaders, film stars, and sports icons in recent years.
