India, June 2 -- The Mumbai real estate market grabbed headlines last week after Leena Gandhi Tewari, chairperson of pharmaceutical giant USV, purchased two ultra-luxury, sea-facing duplex apartments in the upscale Worli area for a staggering Rs.639 crore.

Including taxes, the total transaction value rose to Rs.703 crore, setting a new national record. The per square foot rate of nearly Rs.3 lakh makes it the most expensive residential property deal ever recorded in India and highlights the continued surge in the ultra-luxury real estate market in the financial capital.

While this deal has made waves, transactions at Rs.2 lakh per sq ft and above are not entirely new in Mumbai's high-end real estate segment.

Historical data since 2016 ...