Winning Bizness Desk
Mumbai - India’s wealthiest banker, Uday Kotak, is now making headlines for his property purchase in Mumbai. Uday Kotak, the founder of Kotak Mahindra Bank, and his family have not bought just an apartment, but an entire building in the city.
Uday Kotak and his family have acquired a complete residential building on the iconic Worli Sea Face in Mumbai. The cost of this building exceeds ₹200 crores. With this purchase, a new record has been set for property prices in the country. Kotak’s family has bought out all the existing residents of the building, acquiring their homes.
The building consists of 24 apartments
The building purchased by the Kotak family is a two-story residential structure consisting of a total of 24 apartments. According to documents, Uday Kotak’s family registered transactions for 12 of the 24 apartments on January 30. One deal was registered in September, and the remaining transactions are expected to be completed soon. The transactions for the remaining apartments have been finalized, and token amounts have already been paid.
The largest apartment in this building spans 1,396 square feet and is valued at ₹38.24 crores. On the other hand, the smallest apartment, which measures 173 square feet, is priced at over ₹4.7 crores. The Kotak family has purchased these apartments at a price of approximately ₹2.72 lakh per square foot. This marks the highest-ever rate per square foot for any property transaction in India.
Rate stood at ₹2.25 lakh/sq ft
Previously, the highest price per square foot in the country was recorded in South Mumbai’s Altamount Road, where it stood at ₹2.25 lakh, and at Bhulabhai Desai Road, where the price was ₹2.09 lakh per square foot. The property market in Mumbai is currently booming, and Bollywood celebrities continue to buy and sell luxury properties in the city. For instance, actor Akshay Kumar and his wife Twinkle Khanna recently sold a luxury apartment in Worli for ₹80 crores.
This purchase by Uday Kotak highlights the ongoing surge in Mumbai's real estate market, which has been attracting not only business tycoons but also prominent personalities from various sectors. As Mumbai continues to thrive in the real estate sector, Kotak’s acquisition sets a benchmark for high-value property transactions in the city.
