Uday Kotak’s Rs 400 Crore Property Deal on Worli Sea Face Raises Bar for Mumbai Real Estate
Uday Kotak’s Rs 400 Crore Property Deal on Worli Sea Face Raises Bar for Mumbai Real Estate
The 19 Shiv Sagar property, located next to Champagne House, may be considered for redevelopment or a new project.
Billionaire Uday Kotak, the founder of Kotak Mahindra Bank, has acquired residential property on Worli Sea Face for over Rs 400 crore. This purchase establishes a new national pricing standard as he has also bought out the current residents to consolidate ownership of the property for his family.
The 19 Shiv Sagar property, located next to Champagne House, may be considered for redevelopment or a new project.
Uday Kotak and his family have acquired 12 apartments in the Shiv Sagar building located at Worli Sea Face in Mumbai, according to the Economic Times. The total area of these properties is 7,418 square feet, with a purchase price of Rs 2.72 lakh per square foot. This transaction establishes a new national record for property prices, surpassing the previous highs of Rs 2.25 lakh and Rs 2.09 lakh per square foot found in South Mumbai’s Altamount Road and Bhulabhai Desai Road areas.
The Kotak family acquired the flats for Rs 400 crore. The Shiv Sagar building consists of 25 flats, with sizes varying from 173 sq ft to 1,042 sq ft. Family members, including Uday Kotak, his wife Pallavi, his parents Suresh and Indira, and his sons Jay and Dhawal, have registered 12 of these units. The registration took place on January 30, 2025.
According to information available on Zapkey.com, the Kotak family is said to have spent more than Rs 12 crore in stamp duty and approximately Rs 3.60 lakh in registration fees for the purchase of 12 apartments. These units are located on the ground, first, and second floors, offering scenic views of the Arabian Sea and the Mumbai Coastal Road.
As reported by the Hindustan Times, if the Kotaks acquire the remaining 13 flats in the Shiv Sagar building in addition to the 12 they already own, they would possess the entire structure. This ownership could grant them control over the land on which the building stands. With ownership of the land, they might be able to merge it with the adjacent plot they already possess. The Kotak family purchased the Champagne House next door in March 2018 for Rs 275.14 crore. The bungalow has since been demolished, leaving the land vacant. The new apartments are said to be located in a building adjacent to this property.
