Billionaire banker Uday Kotak has set a new benchmark in India’s luxury real estate market by completing the acquisition of an entire sea-facing residential building in Worli, Mumbai, for over Rs 400 crore. The latest set of eight apartment purchases, registered on April 8 and April 21, follows earlier deals by the Kotak family in January and September, bringing the total number of units acquired in the 24-apartment structure to 21.
According to documents accessed by The Economic Times, these recent transactions were priced between Rs 12 crore and Rs 27.59 crore for units ranging from 444 to 1,004 sq ft, with an average rate of approximately Rs 2.75 lakh per sq ft—setting a new national record for residential property prices. Cumulatively, these eight units alone are valued at Rs 131.55 crore.
The building, known as 19 Shiv Sagar, spans roughly two-fifths of an acre along the prestigious Worli Sea Face. The most expensive apartment in the deal, measuring 1,396 sq ft, fetched Rs 38.24 crore, while even the smallest unit of 173 sq ft was sold for over Rs 4.7 crore.
This acquisition adds to the Kotak family’s existing property portfolio in the area, including the adjacent Champagne House, purchased in 2018 for Rs 385 crore. While it is yet to be confirmed if both properties will be merged for redevelopment, Champagne House is already being transformed into a grand private residence.
Mumbai’s luxury property market continues to surge. April witnessed over 13,080 property registrations, generating more than Rs 1,114 crore in stamp duty for the state, according to data from the Inspector General of Registration (IGR) and Controller of Stamps. This sustained growth comes despite rising property prices and the recent hike in ready reckoner rates from April 1.
Source: The Economic Times
