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Shaula Real Estates, directed by Tanya Arvind Dubash, bought a sea-facing duplex in Worli’s Naman Xana for Rs 225.76 crore, following Leena Gandhi Tewari’s Rs 639 crore purchase.
The Naman Xana development, a 40-storey luxury tower, is positioned in Mumbai’s super-premium market segment.
Mumbai’s luxury real estate market continues to soar with another marquee transaction in Worli. Shaula Real Estates Pvt Ltd, which lists Tanya Arvind Dubash, executive director and chief brand officer of Godrej Industries Ltd, as one of its directors, has purchased a sea-facing duplex apartment for Rs 225.76 crore in the ultra-luxury project Naman Xana.
Located in the upcoming 40-storey tower being developed by Shree Naman Group at Worli Sea Face, the apartment spans 11,485 square feet, translating to a rate of about Rs 1.97 lakh per sq ft. The primary sale transaction was registered in May, according to documents accessed via Square Yards. The seller was Naman Residency Pvt Ltd and Karp Estate Pvt Ltd.
Shaula Real Estates was incorporated just two months prior, in March, and also lists Clement George Pinto, CFO of Godrej Industries Ltd (chemicals), as a director. The Godrej Group has not officially commented on the purchase.
The Naman Xana project sits on a 0.64-acre parcel and is set to be completed by 2027. With panoramic views of the Arabian Sea and proximity to key infrastructure like the Bandra-Worli Sea Link and the newly inaugurated Mumbai Coastal Road, the development has quickly emerged as one of the most desirable addresses in the country’s most expensive real estate market.
Rs 639 Crore Sale Last Week Sets New Price Record
Dubash’s acquisition comes just days after one of India’s most expensive residential real estate transactions was recorded in the same tower. Leena Gandhi Tewari, chairperson of USV Pharmaceuticals, purchased two duplex apartments for a staggering Rs 639 crore. The deal, which includes floors 32 to 35 of the tower, was registered on May 28. Factoring in taxes and stamp duty, the total deal value reached Rs 703 crore.
Tewari paid an eye-watering Rs 2.83 lakh per sq ft — among the highest ever recorded in India’s residential property market. The move underlines the growing appetite for high-end homes among India’s billionaire families.
Billionaire Street in the Making
Other notable ultra-luxury transactions in Mumbai have also made headlines this year. Seema Singh of Alkem Laboratories bought an apartment in Lodha Seaface for Rs 185 crore, while promoters of Metro Brands acquired a 38,000 sq ft space in Palais Royale for Rs 405 crore.
“Sea-facing, luxury residential projects such as Naman Xana, ‘The Legacy’, and ‘Lodha Seaface’ are creating a new billionaire’s street in the heart of Worli,” said Fatima Saidi, head of luxury residential (Mumbai) at Anarock Property Consultants.
According to Anarock, 10 homes in Worli have sold for over Rs 100 crore each so far in 2024 — up from four such deals in 2023. In total, 30 homes priced above Rs 40 crore have been sold in Worli over the past two years, with total transaction value exceeding Rs 4,862 crore.
“Premium projects with sea views, expansive layouts, and limited supply are driving up values. Developers are capitalising on this demand with confidence,” said a Square Yards spokesperson.
As Mumbai’s skyline continues to evolve, Naman Xana and its high-profile residents are setting new benchmarks in India’s real estate story.
Haris is Deputy News Editor (Business) at news18.com. He writes on various issues related to markets, economy and companies. Having a decade of experience in financial journalism, Haris has been previously asso…Read More
Haris is Deputy News Editor (Business) at news18.com. He writes on various issues related to markets, economy and companies. Having a decade of experience in financial journalism, Haris has been previously asso… Read More
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