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Leena Gandhi Tewari buys Mumbai’s costliest flats for ₹639 cr: Why are pharma tycoons investing in luxury real estate?

Pharmaceutical firm USV’s chairperson, Leena Gandhi Tewari, has bought two luxury sea-facing duplex apartments in Mumbai’s posh Worli area for ₹639 crore. She spent almost ₹63.9 crore in stamp duty and GST, bringing the total value of the transaction to about ₹703 crore, making it the most expensive residential property deal recorded in the country.

Pharmaceutical firm USV’s chairperson, Leena Gandhi Tewari, has bought two luxury sea-facing duplex apartments in Mumbai’s posh Worli area for <span class='webrupee'>₹</span>639 crore. (Photo for representational purposes only)(Pexels)” /> Pharmaceutical firm USV’s chairperson, Leena Gandhi Tewari, has bought two luxury sea-facing duplex apartments in Mumbai’s posh Worli area for ₹639 crore. (Photo for representational purposes only)(Pexels) </p> <p>The transaction underscores a significant uptick in luxury housing demand, particularly from the pharmaceutical sector. Real estate  experts believe the post-COVID wealth surge has prompted many pharma promoters and executives to view high-end properties as both a secure investment and a status symbol.</p> <p>“Pharma wealth is increasingly flowing into real estate,” said industry experts.</p> <p>The two duplexes that Tewari has bought are located in Naman Xana, a 40-storey premium tower on Worli Sea Face. The apartments span the 32nd to 35th floors and cover a total area of 22,572 sq. ft. As per registration documents dated May 28, 2025, the price works out to over ₹2.83 lakh per sq. ft. on carpet area. Local brokers say this is the highest amount ever paid for a residential deal in the country.</p> <p>Tewari and Naman Developers could not be reached for a comment.</p> <p>The luxury tower constructed by Naman Developers houses only 16 residences: 9 simplex units, 5 duplexes, and a penthouse, they said. The project Naman Xana is on the Worli Sea Face, close to the Bandra-Worli Sea Link and faces the Mumbai Coastal Road and the Arabian Sea. The entire Worli Sea Face stretch has several under-construction luxury projects. Worli in central Mumbai has become a hotspot for several luxury projects after South Mumbai, Lower Parel, Prabhadevi, and Bandra. </p> <p>According to Ritesh Mehta, senior director and head (North and West), Residential Services and Developer Initiatives at JLL India, “This is a landmark deal for Mumbai real estate. It sets a new benchmark not just in Worli, but across the city. The sea-facing, unobstructed views and nearing completion status make these units highly desirable. However, whether this price is sustainable remains to be seen.”</p> <p>He points out that ultra-luxury residential supply, particularly sea-facing properties that are ready or nearing completion, is extremely limited in the Mumbai market. This scarcity is driving a premium for such exclusive homes. Notably, the recent ₹600 crore purchase is not an investor-driven acquisition, but a personal buy, highlighting a growing segment of high-net-worth individuals (HNIs) seeking spacious, ready-to-move-in residences with unobstructed sea views.</p> <p>“HNI-grade housing supply is rare in Mumbai,” he said, pointing out that “Buyers at this level are not speculators. They are looking for long-term, high-quality residences for self-use and are willing to pay top dollar for the right asset.”</p> <h2>Will the ₹639 crore transaction set a new price benchmark in Mumbai’s luxury market?</h2> <p>At ₹2.8 lakh per sq ft, the ₹639 crore transaction sets a new benchmark in Mumbai’s luxury segment, even surpassing traditional high-end locales like Malabar Hill. However, experts caution against assuming this will redefine market norms.</p> <p>“While this deal raises the bar, it may not be representative of broader market pricing,” said a local broker. “Developer expectations may now rise, but there’s likely to be a gap between what they demand and what buyers are willing to pay.”</p> <p>Despite that, Worli Sea Face is rapidly becoming the destination of choice for India’s ultra-rich, thanks to its combination of privacy, panoramic sea views, and limited supply of marquee properties, they said.</p> <p>Earlier this month, billionaire Uday Kotak had set a national benchmark by by picking up eight additional flats, thereby acquiring the entire building on Worli Sea Face for more than ₹400 crore.</p> <p>Also Read: Uday Kotak and family buy entire building of 22 flats in Mumbai’s Worli for over ₹400 crore</p> <h2>Uptick in luxury housing demand from the pharma sector</h2> <p>The transaction also underscores a significant uptick in luxury housing demand, particularly from the pharmaceutical sector. Industry experts attribute this to post-COVID wealth accumulation, with many pharma professionals now turning to real estate as a safe and aspirational asset class.</p> <p>“Pharma money is flowing into real estate,” noted an expert. “Where budgets earlier topped out at ₹100– ₹200 crore, buyers are now willing to spend ₹500 crore or more for their primary residence.”</p> <p>Sandeep Reddy, co-founder of Zapkey, agrees that pharma company owners are increasingly splurging on luxury ‘trophy properties.’ He said that a strong fear of missing out (FOMO) is fueling these purchases, often at ‘freakish rates’ that defy conventional market logic.</p> <h2>Other pharma deals in Mumbai</h2> <p>According to documents accessed by Zapkey, Vibha Shanghvi, wife of Dilip Shanghvi, chairman and managing director of Sun Pharma, purchased two apartments worth ₹130 crore in Mumbai’s Worli area last year. The two apartments were bought in the same project where Leena Tewari has bought the housing units.</p> <p>According to the documents, Vibha Sanghvi purchased the two apartments, totalling 12,916 sq ft of RERA carpet. One apartment of 6,458 sq ft on the 21st floor was purchased for ₹65 crore, and the second apartment of the same size was registered on the 29th floor for ₹65 crore on December 26, 2024.</p> <p>The same building was in the news last year when Barnsley Football Club’s chairman, Neerav Parekh, and his mother, Kalpana Parekh, purchased two apartments worth Rs170 crore in the Worli area of Mumbai, according to property registration documents accessed by Indextap. These were registered on December 5 and December 7, 2025.</p> <p>The Zydus Family Trust, associated with Zydus Lifesciences Limited (formerly Cadila Healthcare Limited), a leading Indian pharmaceutical company, purchased a ₹200 crore luxury apartment in Mumbai’s Worli, according to property registration documents accessed by IndexTap.com. The transaction for the apartment was registered on March 27, 2025.</p> <p>The 17,384-sq ft apartment is located on the 61st floor of Oberoi Three Sixty West, a luxury project by Mumbai-based real estate firm Oberoi Realty. Documents showed that the apartment has been sold for around ₹1.15 lakh per sq ft. According to the documents, the apartment was purchased with a stamp duty of ₹7.04 crore and a registration fee of ₹30,000. Oberoi Three Sixty West is a luxury residential project by Oberoi Realty. It has two towers with 4 BHK and 5 BHK units, duplex apartments, and penthouses. The project received an occupation certificate in 2022.</p> <p>Global pharma firm Althera’s CEO, Sanjeev Agarwal, has purchased three luxury apartments worth over ₹72 crore in Raheja Modern Vivarea, according to property registration documents accessed by Zapkey.com</p> <p>Documents show that the three apartments were purchased in South Mumbai’s Raheja Modern Vivarea, a project by K Raheja Corp. The first apartment, which measures 2,891 sq ft and has a 217 sq ft balcony, was purchased for ₹26.42 crore on February 17, 2025.</p> <p>Documents show that the second apartment, measuring 2,364 sq ft, was purchased for ₹20.09 crore on February 17, 2025. The third apartment, measuring 2,873 sq ft, along with a balcony of 217 sq ft, was purchased for ₹26.14 crore on May 22, 2024. The documents show that all three apartments measuring over 8,100 sq ft RERA carpet were purchased in two phases for ₹72.65 crore.</p> <p>Alkem Laboratories promoter Mritunjay Kumar Singh’s wife, Seema Singh, had purchased a luxury apartment for ₹185 crore in the Worli area of Mumbai, according to property registration documents accessed by IndexTap. The transaction was registered on December 11, 2024 at a per sq ft rate of ₹1.24 lakh. According to the documents, the apartment is spread across 14,866 sq ft and is located in an under-construction project named Lodha Sea Face being developed by listed real estate developer Macrotech Developers, also known as Lodha Group.</p> </div> <div class=

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