Outlook Business Desk
Uday Kotak, founder of Kotak Mahindra Bank, has completed the acquisition of an entire residential building on Worli Sea Face, Mumbai for over Rs 400 crore.
The latest transactions were registered at approximately Rs 2.75 lakh per sq ft, surpassing previous national records for residential property rates as per The Economic Times.
Earlier, the Kotak family had acquired 13 of the 24 apartments in the building at nearly Rs 2.72 lakh per sq ft, in transactions carried out in January and September.
In April, eight additional apartments were purchased, ranging from 444 sq ft to 1,004 sq ft, with prices between Rs 12 crore and Rs 27.59 crore
These eight transactions totaled Rs 131.55 crore, contributing to the overall deal exceeding Rs 400 crore for the entire building.
The building, 19 Shiv Sagar is a ground-plus-two-storey structure located on the sea front, adjacent to Champagne House, which Kotak’s family acquired in 2018.
Prior to this deal, the highest per sq ft rates in India were Rs 2.25 lakh on Altamount Road and Rs 2.09 lakh on Bhulabhai Desai Road, both in South Mumbai.
Mumbai’s real estate market continues to set records, with high-value transactions indicating robust demand for prime properties.