Prime Highlights:
- Uday Kotak and family acquired 12 sea-facing apartments in Worli area of Mumbai for ₹400 crore, creating a new record at ₹2.72 lakh per sq. ft.
- The purchase consists of apartments in Shiv Sagar building, which is adjacent to another property acquired by the family in 2018 for ₹385 crore.
Key Facts:
- The apartments together measure 7,418 sq. ft., with their sizes ranging from 173 to 1,396 sq. ft.
- The Kotaks paid more than ₹12 crore as stamp duty and approximately ₹3.6 lakh as registration charges.
- This sale overshadows all South Mumbai realty deals hitherto, with the peak rates running approximately ₹2.25 lakh a sq. ft.
Key Background :
In a record property deal, Kotak Mahindra Bank chairman Uday Kotak and his family dominated the headlines for buying 12 ultra-luxury sea-facing apartments in the upscale Worli Sea Face area in Mumbai. Priced at approximately ₹400 crore, the deal has created a new Indian national record as far as property rates are concerned with the price averaging ₹2.72 lakh per square foot—the highest as per reports in India.
The flats are situated in the Shiv Sagar building, a two-story building with 25 flats. The Kotak family’s new flats are on the ground floor, first floor, and second floor, enjoying a bird’s eye view of the Arabian Sea and the city’s future Coastal Road infrastructure. The total carpet area of the flats is 7,418 square feet. All the units are of different sizes, and the smallest unit is only 173 square feet while the largest unit is more than 1,300 square feet.
The deal was legally registered on January 30, 2025. Uday Kotak, his wife Pallavi, sons Jay and Dhawal, and his parents Suresh and Indira Kotak are all part of the acquisition. The family together paid a total amount in excess of ₹12 crore as stamp duty, which shows the size and seriousness of the investment.
This isn’t the family’s first real estate acquisition in the area. Back in 2018, the Kotaks purchased the neighboring Champagne House for ₹385 crore. The recent deal now gives them ownership of two adjoining high-value properties in one of Mumbai’s most prestigious and scenic localities.
This deal beats previous records achieved in high-end locations such as Altamount Road and Bhulabhai Desai Road, which had earlier witnessed real estate values reaching up to ₹2.25 lakh and ₹2.09 lakh per square foot respectively.
The transaction not only indicates the skyrocketing luxury residential prices in Mumbai but also reflects increasing investor confidence in the high-end residential markets of the city. With such transactions, the Kotak family solidifies its foothold in one of India’s most coveted realty segments.
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