NEW DELHI: Billionaire banker Uday Kotak finalised the acquisition of an entire residential building on Mumbai’s Worli Sea Face for over Rs 400 crore, setting a new national benchmark for residential property prices.
The founder of Kotak Mahindra Bankhas now completed eight additional apartment deals in the ground-plus-two-storey building, following earlier purchases of 13 out of the 24 units. 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, according to ET report.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 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.
The largest unit in the newly acquired building, measuring 1,396 sq ft, fetched Rs 38.24 crore, while the smallest just 173 sq ft was sold for over Rs 4.7 crore.
Before Kotak’s initial January deal, the highest residential rates per sq ft recorded nationally were Rs 2.25 lakh at Altamount Road and Rs 2.09 lakh at Bhulabhai Desai Road, both in South Mumbai.
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. An email query from ET to Kotak’s office went unanswered at the time of publication.
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, as per data from the Inspector General of Registration and Controller of Stamps.