Latest news with #USVPrivateLimited
India.com
04-06-2025
- Business
- India.com
Rs 400 crore, Rs 600 crore, Rs 1000 crore...: Rich Indians are buying luxury properties across India due to...
Representational Image/File From lavish bungalows in the Mumbai's upscale Malabar Hill to expensive apartments in Lutyens, Delhi, the sale and purchase of luxury real estate by India's ultra rich has increased at a rapid pace in recent times. According to a report by the Economic Times, Leena Gandhi Tewari, the chairperson of pharmaceutical giant USV Private Limited, recently purchased two duplex flats, with a combined area of 22,572 square feet, in Mumbai's Worli for Rs 635 crore. The deal is being touted as the most expensive in India, with each square foot of space costing a whopping Rs 2.83 lakh, as per the report. Additionally, the Kotak family has bought an entire sea-facing building in Mumbai for Rs 628 crore, while DMart owner Radhakishan Damani purchased a vintage bungalow in the posh Malabar Hill area for a staggering Rs 1000 crore. Why India's ultra rich are investing in luxury real estate? As per experts, there are a multitude of factors responsible for the country's uber-rich deciding to invest in luxury real estate, such as the rising demand in the real estate market for luxury homes. However, the number of such properties is still relatively compared to the demand, especially in highly-sought areas like Lutyens, Delhi, Mumbai's Worli, and Golf Course Road in Gurugram. This unequal demand and supply scenario in the luxury real estate market has resulted in prices of these properties skyrocketing in recent times, which can be gauged from the fact the Leena Tewari paid a record Rs 2.83 lakh per square feet for her duplex apartments in Mumbai, while one square feet at Gurugram's DLF Camellias costs around Rs 1.17 lakh. Notably, the ultra rich are not buying these properties for habitation, they plan to monetize them. As per reports, the Kotak family plans to rebuild the sea-facing building they recently purchased in Worli, and likely turn it into a luxury apartment building. Luxury real estate prices skyrocketing in Indian metros Luxury real estate prices in India metros and tier-I cities are surging at a rapid pace, with Mumbai, Bengaluru and Delhi ranked among 15 world cities where prices of luxury homes are increasing the fastest, as per a report by Knight Frank. Bengaluru ranks 4th on the list, followed by Mumbai at 5th, and Delhi at the 15th spot. According to market data, India's luxury home market grew by 28% in FY23-24, with Delhi-NCR topping the sales. Together, Bengaluru, Mumbai and Delhi-NCR accounted for 67% of the total investment in luxury real estate, showcasing these cities as major real estate hubs in the country. Notably, the number of high net worth individuals (HNIs) increased by 6% to 85,698 in 2024, and the number is expected to reach 93,753 by 2028, according to the Knight Frank Wealth Report 2024. The report noted that HNIs in India invested 32% of their wealth in real estate in 2024, while the figure was 25% in 2020.
India.com
30-05-2025
- 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 .
