Kotaks buy 12 flats at Worli Seaface, set new benchmark

Uday Kotak and family buy 12 flats at Worli Seaface for ₹201.89 crore, setting a new Mumbai real estate record of ₹2.72 lakh per sq ft.

MUMBAI: Uday Kotak, former managing director and chief executive officer of Kotak Mahindra Bank, and his family have purchased 12 flats in Shiv Sagar building at the Worli Seaface, for a record ₹2.72 lakh per square foot, setting a new high in Mumbai’s residential real estate market. The Kotak family has purchased the flats for ₹201.89 crore, according to documents accessed by HT.

Kotaks buy 12 flats at Worli Seaface, set new benchmark

The previous record for a residential property transaction took place in 2018, when a 2,300-sq ft apartment in Samudra Mahal, also on the Worli Seaface, was bought for ₹53.5 crore or ₹2.32 lakh per sq ft.

Shiv Sagar building has 25 flats, whose sizes vary from 173 sq ft to 1,042 sq ft. Of these 25 flats, 12 have been registered in the names of various Kotak family members. Together, they constitute a total 7,418 sq ft. They were registered on January 30, 2025.

According to the transaction documents available with the Hindustan Times, the 12 flats have been bought by Uday Kotak, his wife Pallavi Kotak, parents Suresh and Indira, and sons Jay and Dhawal. If the Kotaks purchase the remaining 13 flats, the family would have bought the entire building, which could open the route to securing holding rights of the plot on which Shiv Sagar building stands. It would pave the way to amalgamating the plot with the adjacent one, which the Kotaks also own.

In March 2018, the Kotak family had bought the adjacent Champagne House, a bungalow owned by Ranjit Chougule, managing director of the now-defunct Indage Vintners (erstwhile Champagne Indage). The Kotaks purchased this property for ₹275.14 crore or ₹1.52 lakh per sq ft. The plot is vacant as the bungalow has been demolished.

Approximately 500 mt from Shiv Sagar building, also on the Worli Seaface, or Khan Abdul Gaffar Khan Road, is Karuna Sindhu, the family home of Anand Piramal and Isha Ambani-Piramal. Next to this is Naman Xana, where Vibha Shanghvi, wife of Dilip Shanghvi, chairperson and managing director of Sun Pharma, had purchased two apartments in December 2024. Shanghvi had bought the apartments for ₹130 crore, an average price of ₹1.06 lakh per sq ft.