India’s Most Expensive Residential Deal: USV Chairperson Leena Tewari Pays ₹703 Crore for Worli Duplex

Leena Gandhi Tewari, Chairperson of pharmaceutical company USV Pvt. Ltd., has completed the largest-ever residential property transaction in India by acquiring two duplex apartments in Mumbai’s Worli for ₹639 crore. Including stamp duty and GST of ₹63.9 crore, the total value of the deal amounts to ₹703 crore.

According to documents accessed by real estate data platforms, the apartments are located on the 32nd to 35th floors of Naman Xana, a newly developed luxury residential tower on Worli Sea Face. The total carpet area of the two duplexes is 22,572 square feet, translating to a per square foot rate of approximately ₹2.83 lakh — currently the highest known price per sq. ft. in India’s residential segment.

The deal was registered earlier in 2025 and is now being seen as a turning point for the luxury real estate market, particularly in Mumbai. Real estate analysts state that this transaction not only raises the bar for high-end residential pricing but also reflects the strong demand for seafront properties in key urban areas like Worli.

Abhishek Kiran Gupta, CEO and Co-founder of CRE Matrix and IndexTap, described the transaction as a combination of strategic factors. The apartments provide uninterrupted views of the Arabian Sea, face the Mumbai Trans Harbour Link (referred to as the “Golden Gate” Bridge), and are protected from future obstruction due to coastal land restrictions. The location’s environmental features, including seasonal fog from nearby Khandala and the assurance of view protection, were also cited as value-enhancing elements.

The transaction reinforces Worli’s position as one of Mumbai’s most desirable locations for ultra-high-net-worth individuals (UHNWIs). Ongoing infrastructure projects, including the Coastal Road and connectivity enhancements near the Bandra-Worli Sea Link, continue to support the area’s attractiveness.

Leena Gandhi Tewari leads USV Pvt. Ltd., an Indian pharmaceutical and biotechnology company with global operations. She is the granddaughter of USV’s founder, Vithal Balkrishna Gandhi. Forbes’ Real-Time Billionaire List (as of May 2025) places her net worth at $3.9 billion, or approximately ₹32,500 crore.

Tewari’s family is also actively involved in the business. Her husband, Prashant Tewari, is the Managing Director of USV and holds degrees from IIT and Cornell University. Their daughter, Aneesha Gandhi Tewari, earned a Ph.D. from MIT and joined USV’s board in 2022. Her son, Vilas Tewari, also serves as a board member.

USV focuses on diabetes management, cardiovascular therapies, biosimilars, injectables, and active pharmaceutical ingredients (APIs). The company reported revenue of $511 million and expanded internationally through its acquisition of Germany-based Juta Pharma in 2018.

Rise in High-Value Real Estate Deals

Tewari’s record-setting purchase is part of a broader trend of luxury property acquisitions in Mumbai. In recent months, several high-profile individuals have made notable investments in the city’s real estate market.

Earlier in 2025, banker Uday Kotak reportedly bought a seafront building in Worli for over ₹400 crore, with some apartments priced at around ₹2.90 lakh per square foot. In another high-value deal, Pirojsha Godrej, chairperson of Godrej Properties, along with Freyan Crishna Bieri, purchased four apartments near Peddar Road for ₹290.59 crore, at a rate of ₹1.78 lakh per square foot.

Tanya Dubash, daughter of Adi Godrej, also acquired a duplex in Naman Xana for ₹225 crore at a price of ₹2.2 lakh per sq. ft. In December 2024, Neerav Parekh, chairman of Barnsley Football Club, and his mother purchased two apartments worth ₹170 crore in the same tower.

Other major transactions include the Kabra family’s ₹200 crore deal in 360 West, Worli, and a ₹405 crore deal by Metro Brands’ promoters in Palais Royale, Lower Parel. In March 2024, Macrotech Developers sold a 15,000 sq. ft. apartment in Lodha Sea Face, Worli, for ₹187.47 crore.

Naman Xana Project Overview

Located at Worli Sea Face, Naman Xana is a 40-storey residential tower scheduled for completion by August 2027. It is registered under MahaRERA and complies with all regulatory standards.

Each residential unit spans approximately 6,500 square feet and offers flexibility for buyers to design spaces between 3 BHK and 5 BHK formats. The tower supports configurations for duplex apartments with double-height ceilings. Amenities include a gym, indoor games area, party hall, and pilates room.

The project is positioned in a high-demand micro-market where luxury developments continue to gain traction among wealthy buyers. Real estate professionals suggest that scarcity of ocean-facing plots, limited high-rise inventory, and growing interest from domestic billionaires are key factors driving this segment.

Ritesh Mehta, Senior Director at JLL India, observed that the record-setting deal in Naman Xana marks a significant milestone for the real estate market. He highlighted that it establishes a new benchmark not only for the Worli area but for Mumbai as a whole. According to him, the sustainability of such pricing levels will ultimately hinge on buyer demand and the availability of future supply.

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