USV Chairperson Leena Gandhi Tewari buys Worli flats for Rs 639 crore; Godrej’s Tanya Dubash also strikes major property deal

The purchases at Naman Xana are the latest in a series of large deals in Mumbai's housing market, especially in the luxury housing space, pointing to the stability and strength in terms of real estate sales in the premium segment.

Pharmaceuticals firm USV's chairperson, Leena Gandhi Tewari, has purchased two duplex apartments at the sea-facing Naman Xana development, located at Worli Sea Face, for Rs 639 crore. The two apartments, spanning from the 32nd to the 35th floors, have been sold at a rate of Rs 2.83 lakh, which industry observers said is currently the highest across all residential real markets in India.

The project has also attracted other major buyers with large deal sizes, such as Tanya Dubash, daughter of Godrej Industries chairman Adi Godrej. Market sources said that Dubash bought a duplex at the building worth around Rs 225 crore, at around Rs 2.20 lakh in terms of rate per square foot.

Industry sources said that Tewari spent over Rs 63.90 crore in terms of stamp duty charges and goods and services tax (GST) as well, taking the total consideration to Rs 703 crore. The deal, according to market sources, was registered on Wednesday, May 28, while the purchase by Dubash was registered on Monday.

The 40 storied development has been positioned in the ultra-luxury space, with the presence of the Arabian Sea being now complemented by better connectivity through the Coastal Road.

Shri Naman Group, the developers of the Naman Xana development, did not comment on the matter when Moneycontrol reached out to the company. Moneycontrol has also written to USV and Godrej Industries for comment on the matter, and the story will be updated once the response is received.

Leena Gandhi Tewari, one of the richest Indians with a fortune exceeding $3 billion, chairs USV, which is privately held and was founded by her grandfather Vithal Gandhi. The company is present in most segments across the pharmaceuticals sector, such as oral tablets, biosimilars, injectables, and it also manufactures active pharmaceutical ingredients (APIs).

Her husband, Prashant Tewari, is the current managing director of USV, while their daughter Aneesha, a doctorate in molecular biology from the Massachusetts Institute of Technology, sits on the company's board, as does their son Vilas.

The purchases at Naman Xana are the latest in a series of large deals in Mumbai's housing market, especially in the luxury housing space, pointing to the stability and strength in terms of real estate sales in the premium segment. Similarly large deals, albeit at lower prices, have been reported at properties like the 360 West in Worli, developed by Oberoi Realty, where promoters such as the Kabra family of RR Kabel, purchased two apartments last year worth nearly Rs 200 crore.

In another marquee property sale, the promoters of Metro Brands bought an apartment at the under construction Palais Royale in Lower Parel for Rs 405 crore, for an apartment sized at more than 38,000 square feet. Similar large deals have been reported at properties such as Lodha Malabar.