The founder of Kotak Mahindra Bank, billionaire Uday Kotak, has broken the record by spending more than Rs 400 crore on 12 flats in the Shiv Sagar building on Mumbai’s Worli Sea Face. At Rs 2.72 lakh per square foot, this deal breaks existing records in the Altamont Road and Bhulabhai Desai Road neighbourhoods of South Mumbai and establishes a new national pricing standard.
The recently purchased residences by the Kotak family total 7,418 square feet, according to the Economic Times. There are 25 apartments of different sizes in the Shiv Sagar building, which is next to Champagne House. On January 30, 2025, registration was held for these 12 flats, which are located on the ground, first, and second floors and provide picturesque views of the sea. The owners are described as family members, including Uday Kotak, his wife Pallavi, his parents Indira and Suresh, and his sons Jay and Dhawal.
The Kotak family paid more than Rs 12 crore in stamp duty and Rs 3.60 lakh in registration costs for the transaction, according to data from Zapkey.com. They may gain control of the entire building and its land if they purchase the remaining 13 apartments in Shiv Sagar, thus this deal is a calculated move. They would be able to incorporate it with the nearby property where Champagne House used to be with such an acquisition. After paying Rs 275.14 crore for Champagne House in 2018, the Kotak’s demolished the home, leaving the property open for possible future development.
The combined land tract may undergo rehabilitation or the start of a new project as a result of these acquisitions, which could change the real estate market in this upscale Mumbai neighbourhood.
Source: Pune Pulse
