Latest news with #LeenaTewari
Pink Villa
13-06-2025
- Business
- Pink Villa
Meet Leena Tewari who bought Rs 703 crore duplex in Mumbai's Worli: Who is this billionaire and what's her story?
Mumbai, India's financial capital, witnesses a record-breaking real estate deal worth Rs 639 crore approx. Leena Gandhi Tewari, the chairperson of pharma giant USV Pharmaceuticals, bought two luxurious, sea-facing duplex apartments in Worli, Mumbai. It is India's most exorbitant residential property transaction to date. Adding GST and stamp duty to the figure, the total cost of the apartment soared to Rs. 703 crore approximately. The luxurious duplex apartment located in the sky-high Naman Xana Tower offers stunning views of the expansive Arabian Sea and breathtaking sunsets. She purchased the high-end apartments on May 28, 2025, and since then, Leena has created a buzz. Leena Tewari's Rs. 703 Cr Luxury Duplex is from the 32nd to 35th floors with over 22,572 sq. ft The lavish twin duplexes are nestled on the 32nd to 35th floors of Naman Xana. It is a newly constructed 40-story ultra-luxurious residential tower. With over 22,572 sq. ft. of carpet area, the apartments are worth over Rs 2.83 lakh per sq. ft. In India's residential market, this represents the highest recorded price per square foot. For the property, Tewari paid Rs. 639 crore, and after adding stamp duty and GST, she invested a total amount of Rs. 703 crore. Due to its prime seafront location, the tower's sale price has established a new benchmark for luxury apartments throughout India. The project is scheduled to be completed by 28 August 2027, with a starting price of Rs. 97.50 crore for residences. It offers high-end 6500 sq. ft. apartments, whereas, the facilities include a gym, a party hall, a Pilates room, and an indoor games area. The eco-friendly architecture, prime location, and smart home automation services make it one of the most coveted addresses in Mumbai. Leena Tewari's Net Worth According to the Forbes Real-Time Billionaire 2025 List, Leena Gandhi Tewari's net worth is estimated to be around $3.9 billion, which is more than Rs. 32,500 crore. She has not only earned recognition as the Granddaughter of USV founder Vithal Balkrishna Gandhi but also as the chairperson of the prestigious Indian pharmaceutical and biotechnology firm. Leena Tewari is not the only one who signed a great real estate deal. Banker Uday Kotak, too, sparked conversations after he bought an entire Worli sea-facing building for more than Rs. 400 crore. The deal consisted of apartments ranging at about Rs 2.90 lakh per sq. ft. In April 2025, the chairperson of Godrej Properties, Pirojsha Adi Godrej, and his cousin, Freyan Crishna Bieri, purchased four apartments worth Rs 290.59 crore parallel to Peddar Road. The apartments were part of the Carmichael project on Carmichael Road, Mumbai, sold for Rs 1.78 lakh per sq. ft. In May, reportedly, Tanya Dubash, the Executive Director and Chief Brand Officer of Godrej Industries, purchased a Rs. 226 crore-worth duplex through Shaula Real Estates, where he is also listed as a director. Covering a built-up area of 11,485 sq ft, this duplex, which spans the 30th and 31st floors, also features a 1,227 sq ft balcony and includes six parking lots. All in all, the real estate industry has been experiencing unprecedented growth with properties valued at Rs. 2 crore and above. With Leena's purchase, the country has set the highest-ever property registration. It is also true that the soaring figures are largely due to the panoramic views of the sea and the extraordinary facilities. Nonetheless, Worli is emerging as the billionaire's home where ultra-high-net-worth individuals seek luxury at its best.
News18
10-06-2025
- Business
- News18
USV's Leena Tewari Buys Rs 639-Crore Duplexes In Worli; Godrej's Dubash Acquires Flat For Rs 225 Cr
Last Updated: The combined area of the apartments bought by USV's Leena Tewari spans the 32nd to 35th floors, with the per-square-foot rate clocking in at Rs 2.83 lakh. In one of the most expensive residential real estate transactions in India, USV Pharmaceuticals chairperson Leena Gandhi Tewari has purchased two duplex apartments in the ultra-luxury Naman Xana project at Worli Sea Face for a total consideration of Rs 639 crore. The combined area of the apartments spans the 32nd to 35th floors, with the per-square-foot rate clocking in at Rs 2.83 lakh, currently probably the highest rate recorded across all residential markets in India. The transaction, including stamp duty and GST of Rs 63.90 crore, pushes the total deal value to Rs 703 crore. It was registered on May 28, according to property registration records. Tewari, who chairs the privately held USV and is among India's wealthiest with a net worth exceeding $3 billion, is the granddaughter of the company's founder, Vithal Gandhi. Her husband, Prashant Tewari, is USV's managing director, and their children, Aneesha and Vilas, are also part of the company's board. The Naman Xana development, a 40-storey luxury tower, is positioned in Mumbai's super-premium market segment. Apart from sweeping views of the Arabian Sea, it benefits from enhanced connectivity via the newly opened Coastal Road. The project has drawn other prominent buyers. Tanya Dubash, daughter of Godrej Industries chairman Adi Godrej, also acquired a duplex in the same building for around Rs 225 crore, at a rate of approximately Rs 2.20 lakh per sq ft. Her deal was registered on May 26. These high-value transactions reflect ongoing strength in Mumbai's luxury housing market. In recent months, the city has witnessed several mega deals, including two apartments at 360 West in Worli purchased by the Kabra family of RR Kabel for nearly Rs 200 crore, and a Rs 405 crore acquisition by Metro Brands' promoters at Palais Royale in Lower Parel, for a property measuring over 38,000 sq ft. Similar top-tier transactions have occurred at Lodha Malabar and other luxury developments across South Mumbai. First Published: May 30, 2025, 10:06 IST
Hindustan Times
04-06-2025
- Business
- Hindustan Times
Mumbai's Dharavi redevelopment project: Adani Group to develop 43% of land for free sale in the open market
Construction on 43% of the total 108.99 hectares allocated for the Dharavi redevelopment project will be available for free sale in the open market, according to the Master Plan approved by the Maharashtra government. Under this free sale component, Navbharat Mega Developers Private Limited (NMDPL), a special purpose vehicle (SPV) formed as a joint venture between the Maharashtra government and the Adani Group, will be allowed to develop property units on approximately 47.95 hectares. According to sources, the joint venture is likely to launch the first phase of the free-sale component, including residential properties, by the end of the year, timed around the festive season. Over 50% of the residential units in this phase are expected to fall within the affordable and mid-income segments. According to the Master Plan presentation for the Dharavi Notified Area, which spans 251 hectares, the net developable area stands at 108.99 hectares, just over 269 acres. Of this, 47.20 hectares have been allocated for the rehabilitation of Dharavi residents, while 47.95 hectares are designated for the saleable component, which will include residential, commercial, and retail units available in the open market. Additionally, the plan earmarks approximately 40 hectares (about 99 acres) for open spaces. A real estate consultant, speaking on condition of anonymity, said, 'Given the pace of construction and the ongoing survey for the rehabilitation component, there is strong buzz in industry circles that the official launch of the sale component is likely around Diwali or by the end of the year.' The consultant also estimated that approximately 140 million sq ft of built-up area could be released for open market sale. Also Read: Leena Tewari's ₹703 crore duplex sets record as Mumbai's costliest luxury apartment sale at over ₹2 lakh per sq ft According to data released by CRE Matrix last month, ₹1 crore can currently buy around 682 sq ft of residential property in the Dharavi area, approximately ₹15,000 per sq ft. However, real estate consultants believe that the Dharavi redevelopment project could command nearly double this rate, given the comprehensive ecosystem and infrastructure planned as part of the project. Also Read: Mumbai real estate market: Planning to sell a flat in an old building? Here's why it can be tough According to the Master Plan presentation for the Dharavi redevelopment project, an estimated 72,000 tenants are eligible for rehabilitation. Of these, over 13,000 are non-residential tenants, while the rest are residential. Under the Maharashtra Slum Rehabilitation Act, each eligible resident will receive one rehabilitation unit, regardless of the number of tenements they currently occupy. These units will be 350 sq ft in size, an upgrade from the standard 300 sq ft units offered in other slum redevelopment projects. Also Read: Dharavi's ₹95,790 crore makeover: 5 things to know about the Master Plan approved by the Maharashtra government According to the presentation of the Master Plan for the Dharavi redevelopment project, the project is estimated to cost over ₹95,000 crore for the Dharavi notified area. The first commencement certificate for the rehab portion's construction was received on January 14, 2025, and the end date is seven years later, on January 13, 2032. The timeline for the entire project, including the sale component, is 17 years. An email query sent to NMDPL did not get any response. The story will be updated if a response is received.
Hindustan Times
03-06-2025
- Business
- Hindustan Times
Mumbai real estate market: Planning to sell a flat in an old building? Here's why it can be tough
Netizens have voiced concern about the challenges of selling flats in old buildings, despite the properties having clear titles. One Reddit user shared his experience of trying to sell a 2BHK in a 30-year-old building in Mumbai's Andheri area, but with no success. Despite trying both online platforms and offline channels, the flat has found no takers, highlighting a growing reluctance among buyers to invest in ageing properties. "We have been trying to sell our 2BHK flat in an old (~30-year-old) building in Andheri East, and it's been an absolute nightmare. We have paid and registered on almost every major platform you can think of. All of them promised dedicated support, sales assistance, etc. We even approached a local broker, thinking a real person on the ground might help, but no luck," the post reads. 'We're not even being unrealistic. We're willing to sell well below the market rate just to get it off our hands. But it's like the flat doesn't even exist. What are we doing wrong? Is this normal in Mumbai right now?' reads a Reddit post reflecting the frustration of a homeowner. The Reddit poster went on to question whether flats in older buildings have lost all value in today's market. 'Do people just not want to invest in older properties anymore, with new towers constantly coming up offering shiny amenities? What happens to the lakhs of us who still own flats in these older buildings?' Also Read: Leena Tewari's ₹703 cr duplex deal tops list of Mumbai luxury apartments sold for more than ₹2 lakh per sq ft Another user echoed the sentiment, commenting that their family is facing the same issue. 'We have a flat in a 35-year-old building. Ten years ago, we were getting a very good amount for it, but we did not sell in hopes of redevelopment. Now, we are ready to let it go for half that amount, but we are not getting any buyers,' the Redditor said. According to real estate consultants, selling apartments in old buildings isn't always difficult, it depends on several factors, such as a clear legal title, proper approvals, and the location's potential. Also Read: Key considerations for first-time homebuyers: Netizens say watch out for black mold and noisy open kitchens Take the example of Shiv Sagar Society, an old building on Worli Sea Face, which struck a rare and lucrative deal when Uday Kotak, founder of Kotak Mahindra Bank, purchased the entire building for over ₹400 crore. The property is located right next to land already owned by Kotak, making it a strategic acquisition. However, local brokers point out that not all homeowners are as fortunate. 'There have been instances where old buildings fetched high per sq ft rates, but that's largely due to prime location,' said Ritesh Mehta, senior director and head (North and West), Residential Services and Developer Initiatives at JLL India. 'In other areas, what matters most is the legal clarity of the building. If the title is clean and approvals are in place, a buyer may still show interest, often with redevelopment potential in mind. But if the title itself is unclear, selling becomes extremely difficult. That said, we never say it's impossible.' Also Read: Mumbai property tax rises by 15% on average; flats under 500 sq ft remain exempt Meanwhile, industry estimates suggest that over 25,000 old buildings in the Mumbai Metropolitan Region (MMR) are currently eligible for redevelopment.
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 .
