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harmaceutical firm USV's chairperson, Leena Gandhi Tewari, has made a record-breaking purchase of two luxury sea-facing duplex apartments in Mumbai's Worli area for ₹639 crore. The total value of the transaction, including stamp duty and GST, is approximately ₹703 crore. This deal sets a new benchmark for residential property prices in India.

    The luxury tower, Naman Xana, where Tewari has bought the apartments, houses only 16 residences, including nine simplex units, five duplexes, and a penthouse. The project's prime location on Worli Sea Face, close to the Bandra-Worli Sea Link and facing the Mumbai Coastal Road and Arabian Sea, makes it highly desirable.

    Industry experts attribute the uptick in luxury housing demand from the pharmaceutical sector to post-COVID wealth accumulation. Many pharma professionals are now turning to real estate as a safe and aspirational asset class. "Pharma money is flowing into real estate," noted an expert. "Buyers are willing to spend ₹500 crore or more for their primary residence."

    This transaction highlights a growing segment of high-net-worth individuals (HNIs) seeking spacious, ready-to-move-in residences with unobstructed sea views. Experts caution that while this deal raises the bar, it may not be representative of broader market pricing. Developer expectations may now rise, but there's likely to be a gap between what they demand and what buyers are willing to pay.

    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. Earlier this month, billionaire Uday Kotak had set a national benchmark by acquiring an entire building on Worli Sea Face for over ₹400 crore.

    The recent luxury property deals in Mumbai from the pharmaceutical sector include Vibha Shanghvi's purchase of two apartments worth ₹130 crore and Zydus Family Trust's acquisition of a ₹200 crore luxury apartment. These transactions demonstrate the growing trend of pharma wealth flowing into real estate, with buyers willing to spend large sums for their primary residences.

    Industry experts point out that ultra-luxury residential supply is extremely limited in the Mumbai market, driving a premium for such exclusive homes. The scarcity of sea-facing properties that are ready or nearing completion makes them highly desirable.