Latest news with #USVPharmaceuticals
NDTV
16 hours ago
- Business
- NDTV
Inside Naman Xana In Mumbai, Where Pharma Royalty Leena Gandhi Tewari Bought Ultra-Luxury Flats For Rs 703 Crore
Quick Read Summary is AI generated, newsroom reviewed. 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.
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.
