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Uday Kotak and his family set a record by buying a sea-facing building in Mumbai’s Worli for Rs 202 crore. The property, Shiv Sagar, includes 12 flats at Rs 2.71 lakh/sq ft.
Billionaire Banker Uday Kotak.
Uday Kotak, the former managing director and CEO of Kotak Mahindra Bank, and his family have created a national record by purchasing an entire residential building, located at the prestigious Worli Sea Face area in Mumbai. The property, reportedly valued at Rs 202 crore, includes 12 flats within a three-story building known as Shiv Sagar. The Kotak family has paid Rs 2.71 lakh per square foot for the entire property. The carpet area of the apartments ranges from 173 sq ft and 1,396 sq ft, amounting to a total of 7,418 square feet, as reported by Business Insider.
As per the documents on Zapkey.com, the majority of the deals were officially registered on January 30 except for one transaction which was completed on February 5. With this acquisition, Uday Kotak and his family have set a new benchmark for property transactions. Earlier, the highest per sq ft rates recorded in India were Rs 2.25 lakh and Rs 2.09 lakh on South Mumbai’s Altamount Road and Bhulabhai Desai Road.
“The entire building has been bought by the Kotak family. While more than half of the deal has been registered, some more are expected to be concluded soon as they have already extended the token amount and the paperwork is currently on,” a source close to the development revealed to Economic Times.
The sea-facing building, 19 Shiv Sagar covering a land of two-fifths of an acre, is located next to Champagne House which the Kotak family purchased for Rs 385 crore in 2018 from Ranjit Chougule, managing director of the defunct wine firm Indage Vintner. This residential property is also built over two-fifths of an acre. Uday Kotak has renovated the building, turning it into their palatial house.
Over the last few years, residential property sales in Mumbai have surged to an all-time high, fuelled by the increasing appeal of homeownership across various price brackets.
Last year, Rekha Jhunjhunwala, widow of the late billionaire stock investor Rakesh Jhunjhunwala, reportedly acquired 19 of the 24 apartments in a South Mumbai property for Rs 118 crore. In 2023, family members of D’Mart founder Radhakrishna Damani purchased 28 housing units in Mumbai’s Worli for Rs 1,238 crore.
