What Did the Land Under Naman Xana Actually Cost?
India’s most expensive residential tower stands on just 0.64 acres in Worli. Known as Naman Xana, this ultra-luxury project recently made headlines after a 22,572 square foot duplex was purchased for 639 crore rupees by Leena Gandhi Tewari. Around the same time, Tanya Dubash’s firm followed with a 226 crore rupee deal. These transactions were part of a 17-unit tower built on one of the most valuable plots in Mumbai.
The big question is, what did the land itself cost?
1. Location and Plot Size
The Naman Xana site is a leasehold plot located along Dr Abdul Ghaffar Khan Road at Worli Sea Face. The buildable area is just 27,818 square feet.
2. Total Buildable Area
According to regulatory filings, the project is sanctioned for a total Floor Space Index, or FSI, of 150,211 square feet. This means the developer was allowed to build that much area across the tower.
3. Leasehold vs Freehold
Unlike freehold land, this was developed on a lease granted by the Mumbai municipal corporation. In such cases, developers pay a lease transfer premium instead of an outright land price. They also purchase additional development rights through something called fungible FSI or TDR.
4. How Transfer Premiums Are Calculated
The lease transfer premium is usually calculated as 50 percent of the government-notified Ready Reckoner rate. For fungible FSI, developers typically pay around 60 percent of the same rate.
5. Worli Ready Reckoner Rate
In this case, the average Ready Reckoner rate for built-up residential space in Worli is approximately 51,000 rupees per square foot. Applying the municipal formula, the lease-related premium works out to roughly 25,600 rupees per square foot. The fungible portion adds another 30,700 rupees per square foot.
6. Final Land Cost Estimate
When applied to the full FSI area of 150,211 square feet, the total effective land cost adds up to around 260 crore rupees. This includes both the municipal premium and the cost of additional development rights.
So, what does that mean for Naman Xana?
The project is expected to generate total revenue of over 3,500 crore rupees. This includes the 865 crore rupees already recorded from the Tewari and Dubash transactions, plus estimated sales from the remaining 14 units. That means the developer turned a 260 crore rupee land cost into more than 13 times that in sales revenue.
This breakdown shows how land in Mumbai’s most expensive zones is rarely “purchased” in the traditional sense. Instead, value is unlocked through premiums, FSI rights, and careful structuring. With just 0.64 acres of land, Naman Xana delivers one of the highest-value residential footprints ever seen in India.
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