Uday Kotak’s family breaks own realty record, buys Worli flat at ₹2.75L per sqft

The Kotaks have bought 10 apartments of varying sizes in the building recently for just over ₹224.32 crore

Mumbai: Billionaire banker Uday Kotak and his family have made the country’s most expensive real estate purchase, buying a flat in the 19 Shiv Sagar building at Worli Sea Face at ₹2,74,784 per square foot.

The Kotaks now own 22 of the 24 apartments in the ground-plus-two-storey 19 Shiv Sagar building. (Bhushan Koyande/HT Photo)

According to deal papers accessed through property portal IndexTap, the Kotaks recently bought 10 apartments of varying sizes in the building for just over ₹224.32 crore. They had purchased 12 homes in the sea-facing building in January, with one of the apartments going at ₹2,71,796 per sqft, a national realty record at the time.

The Kotaks now own 22 of the 24 apartments in the ground-plus-two-storey building, for which they have paid ₹426.21 crore in total. In March 2018, the Kotaks bought Champagne House, a bungalow adjacent to 19 Shiv Sagar, from Ranjit Chougule, managing director of the defunct wine firm Indage Vintners. The bungalow was purchased for ₹275.14 crore at ₹1.52 lakh per square foot. It is not clear whether the Kotaks will be merging the two plots.

According to deal papers accessed through IndexTap, the Kotaks registered a 735-sqft flat in 19 Shiv Sagar on March 5, followed by a 2,200-sqft apartment on March 24. Seven more homes were registered on April 8, while the last purchase—of a 735-sqft flat—was formalised on April 21.

One of the apartments registered on April 8 has an area of 1,004 sqft, sold by Om Prakash N Shetty for ₹27,58,82,966. This is the most expensive realty deal in India, at ₹2,74,784 per sqft. The per square feet price of the other nine flats vary from ₹2,71,796 to ₹2,73,933. The previous purchases involved Kotak, his wife Pallavi, parents Suresh and Indira, and sons Jay and Dhawal, among others.