Uday Kotak Buys Sea-Facing Building in Worli for ₹400 Crore, Breaks National Property Price Record
Uday Kotak Buys Sea-Facing Building in Worli for ₹400 Crore, Breaks National Property Price Record
Mumbai, May 6, 2025 – In a landmark transaction that has redefined the benchmarks of India’s luxury real estate market, billionaire banker Uday Kotak has acquired an entire sea-facing residential building in Worli for over ₹400 crore—marking the highest amount ever paid for a residential property in the country.
The founder of Kotak Mahindra Bank now owns all 22 apartments in the premium three-storey building, 19 Shiv Sagar, located on the prestigious Worli Sea Face. According to real estate data platform IndexTap, the latest round of purchases—10 flats acquired between April 8 and April 21, 2025—was completed at record-setting rates of ₹2.75–₹2.90 lakh per sq ft based on carpet area.
The earlier phase of acquisition, which took place between September 2024 and January 2025, saw the Kotak family purchasing 12 apartments in the same building for a total of ₹202 crore, already attracting attention for its high rate of ₹2.72 lakh per sq ft. With both sets of transactions now complete, the Kotaks hold full ownership of the property.
The recently acquired units ranged in price from ₹12 crore to ₹27.59 crore. Notably, even the smallest apartment—just 173 sq ft—was sold for over ₹4.7 crore, while the largest, at 1,396 sq ft, commanded a staggering ₹38.24 crore.
Located next to Champagne House, another luxury sea-facing property that the Kotak family acquired in 2018 for ₹385 crore, the 19 Shiv Sagar purchase consolidates their real estate footprint along one of Mumbai’s most elite and scenic stretches.
This mega-deal underscores the surging demand for prime real estate in Mumbai, particularly among ultra-high-net-worth individuals. Despite a hike in ready reckoner (RR) rates effective from April 1, the city recorded more than 13,080 property registrations in April 2025 alone, generating over ₹1,114 crore in stamp duty—the highest ever recorded for the month of April.
Kotak’s record-breaking investment not only reaffirms the enduring allure of South Mumbai’s sea-facing locales but also signals strong confidence in the city’s luxury housing market amid escalating prices and limited supply.
