Record-Breaking Deal in Mumbai

Billionaire banker Uday Kotak has made headlines by finalizing the acquisition of an entire residential building on Mumbai's prestigious Worli Sea Face for over Rs 400 crore, setting a new national benchmark for residential property prices.

The Details of the Deal

Following earlier purchases of 13 out of the 24 units in the ground-plus-two-storey building, Kotak has now completed eight additional apartment deals. The latest transactions, registered on April 8 and April 21, ranged between Rs 12 crore and Rs 27.59 crore for flats sized between 444 sq ft and 1,004 sq ft.

A New Benchmark

These deals have pushed the per sq ft rate to a record Rs 2.75 lakh, surpassing his previous record of Rs 2.72 lakh per sq ft. In total, the latest eight purchases amount to Rs 131.55 crore and complete Kotak’s acquisition of the entire building.

The Property

The structure, known as 19 Shiv Sagar, occupies two-fifths of an acre and lies adjacent to Champagne House—another sea-facing property the Kotak family bought in 2018 from Indage Vintners’ Ranjit Chougule for Rs 385 crore.

Unclear Future Plans

It is yet unclear whether the Kotak family plans to merge the 19 Shiv Sagar plot with the adjacent Champagne House property for a larger redevelopment or keep them as separate projects.

Mumbai's Booming Real Estate

The transaction comes as Mumbai continues to break records in the real estate market. April saw over 13,080 property registrations, the highest ever recorded for the month, helping the Maharashtra government collect over Rs 1,114 crore in stamp duty.