English
Uday Kotak, former CEO and MD of Kotak Mahindra Bank, and his family have made history in the Indian real estate market by acquiring an entire residential building in Mumbai’s upscale Worli Sea Face area. The property, named Shiv Sagar, consists of 12 apartments spread across three floors and was purchased for a staggering Rs. 202 crore. The family has paid Rs 2.71 lakh per square foot for the entire property, setting a new record for the highest price per square foot in India.
According to reports from Business Insider, the apartments in the building have carpet areas ranging between 173 sq ft and 1,396 sq ft, totaling 7,418 square feet. Documents from Zapkey.com reveal that most of the transactions were registered on January 30, with one finalized on February 5.
This deal surpasses previous records in India’s luxury real estate market, where the highest prices per square foot were Rs. 2.25 lakh on Altamount Road and Rs. 2.09 lakh on Bhulabhai Desai Road, both located in South Mumbai.
While a large portion of the deal has already been officially registered, sources close to the matter told Economic Times that a few remaining transactions are in progress. The family has already paid the token amounts, and the final paperwork is underway.
The newly purchased property, 19 Shiv Sagar, sits on a two-fifths acre plot and is located next to Champagne House, which the Kotak family had bought in 2018 for Rs. 385 crore from Ranjit Chougule, the former head of the now-defunct Indage Vintner wine company. The Kotaks have since transformed Champagne House into an opulent residence through extensive renovations.
Mumbai’s luxury real estate market has been witnessing record-breaking transactions in recent years, with homeownership becoming increasingly desirable across different price segments.
In 2023, Rekha Jhunjhunwala, wife of the late investor Rakesh Jhunjhunwala, made headlines when she purchased 19 out of 24 apartments in a South Mumbai building for Rs. 118 crore. That same year, family members of D’Mart founder Radhakrishna Damani made one of the largest residential purchases, acquiring 28 apartments in Worli for Rs. 1,238 crore.
For breaking news and live news updates, like us on Facebook or follow us on Twitter and Instagram. Read more on Latest Business News on India.com.
