Worli Emerges as the Heart of Mumbai’s Ultra-Luxury Home Market

Mumbai:
Mumbai’s ultra-luxury housing market witnessed record activity in 2025, with high-net-worth individuals and corporate buyers spending over ₹7,100 crore on 51 premium residences, according to data from Zapkey. The year has emerged as one of the strongest for India’s high-end residential segment.
Worli led this surge decisively, accounting for the majority of ultra-luxury transactions. The locality recorded 35 high-value deals, cementing its position as the most preferred destination for premium homebuyers in Mumbai.

The year’s biggest highlight was Leena Gandhi Tewari’s ₹739 crore purchase in Mumbai, which became the single largest residential transaction of 2025. The deal involved two sea-facing duplexes at Naman Xana in Worli, spread across the 32nd to 35th floors and covering 22,572 sq. ft. The effective rate exceeded ₹2.83 lakh per sq. ft., the highest ever recorded for a residential property in India.

Naman Xana, a 40-storey tower developed by Naman Developers, houses just 16 residences, including simplex units, duplexes and a penthouse. Its prime location on Worli Sea Face, overlooking the Bandra-Worli Sea Link and the Arabian Sea, has made it one of Mumbai’s most sought-after luxury addresses.
Industry experts say such acquisitions reflect a growing preference among HNIs for ready-to-move-in, high-quality homes with expansive sea views, rather than speculative investments. Buyers at this level are increasingly focused on long-term residences and are willing to pay premium prices for exclusivity.
Pharmaceutical sector wealth has played a significant role in driving this surge.

“Post-pandemic, pharma professionals are increasingly investing in premium real estate as both a secure and aspirational asset,” noted an industry expert. Budgets that once ranged between ₹100–₹200 crore are now often crossing ₹500 crore for primary residences.

Other notable transactions included Uday Kotak and family, who acquired the entire 22-flat Shiv Sagar building in Worli for over ₹400 crore, along with the purchase of 10 additional sea-facing apartments for over ₹200 crore. One of these transactions touched ₹2.89 lakh per sq. ft.

While Mumbai buyers showed a strong preference for vertical, high-rise luxury apartments, Delhi’s elite leaned towards sprawling bungalows. In the national capital, a marquee deal saw Mumbai-based Gentex Merchants Pvt Ltd, linked to steel magnate Lakshmi Mittal, acquire a 3,540 sq. yd. bungalow on APJ Abdul Kalam Road for ₹310 crore. Overall spending in prime Delhi locations such as APJ Abdul Kalam Road and Golf Links exceeded ₹1,500 crore.

Commenting on market momentum, Sandeep Reddy, co-founder of Zapkey, said the strength of the ultra-luxury segment is likely to continue into 2026, especially if wealth generated through IPOs continues to flow into real estate, supporting sustained demand for high-end homes.

By Sana Khan
Executive Editor, Realty Quarter