Uday Kotak, former CEO and MD of Kotak Mahindra Bank, and his family acquired an entire residential building in Mumbai's upscale Worli Sea Face area. The property, named Shiv Sagar, consists of 12 apartments spread across three floors and was purchased for a staggering Rs 202 crore. The family has paid Rs 2.71 lakh per square foot for the entire property, setting a new record for India's highest price per square foot.
According to reports, the apartments in the building have carpet areas ranging between 173 sq ft and 1,396 sq ft, totalling 7,418 square feet. The documents reveal that most transactions were registered on January 30, with one finalised on February 5. This deal surpasses previous records in India's luxury real estate market, where the highest prices per square foot were Rs 2.25 lakh on Altamount Road and Rs 2.09 lakh on Bhulabhai Desai Road, both located in South Mumbai.
While many deals have already been officially registered, a few remaining transactions are still in progress. The family has already paid the token amounts, and the final paperwork is underway.
The newly purchased property, 19 Shiv Sagar, sits on a two-fifths acre plot and is located next to Champagne House, which the Kotak family had bought in 2018 for Rs 385 crore from Ranjit Chougule, the former head of the now-defunct Indage Vintner wine company. The Kotaks have since transformed Champagne House into an opulent residence through extensive renovations.
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