Who is Leena Gandhi Tewari, who bought India’s costliest flats for Rs 639 crore in Mumbai’s Worli?

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.

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.

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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.

India’s most expensive apartment sale to date: What we know

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.

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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.

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.

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 B.Com 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.

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.

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.

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.