Uday Kotak, the founder of Kotak Mahindra Bank, has finalized agreements for eight additional apartments, thereby completing the acquisition of an entire residential building situated on Worli Sea Face for over Rs 400 crore.
Previously, the banker’s family had registered transactions for 13 out of the 24 apartments in the three-story building in January and September at approximately Rs 2.72 lakh per square foot. The recent transactions have exceeded this figure, establishing a new benchmark at around Rs 2.75 lakh per square foot. The latest deals, with prices ranging from Rs 12 crore to Rs 27.59 crore for apartments varying in size from 444 sq ft to 1,004 sq ft, were recorded on April 8th and April 21st, as per documents reviewed .
These eight transactions, collectively valued at Rs 131.55 crore, are part of the overall deal exceeding Rs 400 crore for the entire building, which occupies two-fifths of an acre along the seafront. The largest apartment in the building, covering 1,396 sq ft, was sold for Rs 38.24 crore, while the smallest unit, with an area of 173 sq ft, fetched over Rs 4.7 crore.
Before Kotak’s January transactions, the highest per square foot rates recorded in the country were Rs 2.25 lakh and Rs 2.09 lakh on South Mumbai’s Altamount Road and Bhulabhai Desai Road, respectively. The prime sea-facing property, 19 Shiv Sagar, is located next to Champagne House, which the Kotak family purchased in 2018 from Ranjit Chougule, the managing director of the now-defunct wine company Indage Vintners, for Rs 385 crore.
Champagne House occupies two-fifths of an acre and is currently undergoing redevelopment into the family’s new grand residence. It remains to be seen whether the Kotak family intends to combine these two plots for redevelopment or maintain them separately for another initiative.
Mumbai, recognized as the largest and most costly real estate market in the country, has continued its trend of record-breaking achievements by reaching another milestone, recording the highest number of property transactions ever in April. The market has sustained its series of record performances, driven by strong sales activity and consistent demand from buyers, despite a steady increase in property prices and the government’s recent announcement of an increase in ready reckoner (RR) rates effective from April 1.
The financial capital of the country has seen over 13,080 registrations during the month, contributing more than Rs 1,114 crore to the state treasury through stamp duty collections, according to data from the Inspector General of Registration (IGR) and the Controller of Stamps in Maharashtra.
