Uday Kotak Buys Luxury Property in Worli for ₹400 Crore

Billionaire Uday Kotak, founder of Kotak Mahindra Bank, has bought 12 apartments in the Shiv Sagar building at Worli Sea Face, Mumbai, for over ₹400 crore. This deal has set a new record for property prices in India.

New Record Price Per Square Foot

The total area of the apartments is 7,418 sq ft, with a price of ₹2.72 lakh per sq ft. This breaks the previous record of ₹2.25 lakh per sq ft on Altamount Road and ₹2.09 lakh per sq ft on Bhulabhai Desai Road.

Details of the Purchase

• The Shiv Sagar building has 25 flats of different sizes, ranging from 173 sq ft to 1,042 sq ft.
• Kotak’s family members, including his wife Pallavi, parents Suresh and Indira, and sons Jay and Dhawal, registered 12 flats on January 30, 2025.
• They paid ₹12 crore in stamp duty and ₹3.6 lakh in registration fees.
• The apartments are on the ground, first, and second floors and have beautiful views of the Arabian Sea and Mumbai Coastal Road.

Possible Redevelopment Plans

• The Shiv Sagar building is next to Champagne House, a property that the Kotak family bought in 2018 for ₹275.14 crore.
• They demolished Champagne House, leaving an empty plot.
• If they buy the remaining 13 flats in Shiv Sagar, they will own the entire building and the land it stands on.
• This could allow them to redevelop the site or start a new project.

This major real estate deal has drawn attention for its record-breaking price and possible redevelopment plans in one of Mumbai’s most expensive areas.