Uday Kotak and Family Acquire Entire 22-Flat Building in Mumbai’s Exclusive Worli for ₹400 Crore

Uday Kotak, founder of Kotak Mahindra Bank, and his family have purchased all 22 apartments in a residential building in Mumbai’s Worli for a combined value exceeding ₹400 crore. The latest transactions involve the acquisition of 10 sea-facing apartments in the Shiv Sagar Building for over ₹200 crore. Property documents show one of these apartments was priced at ₹2.89 lakh per square foot, setting a new benchmark in terms of per-square-foot cost.

The current set of 10 apartments was registered between March 5 and April 21, 2025. These units vary in carpet area from 444 square feet to 2,200 square feet, with a total transaction value crossing ₹188 crore, as per documents accessed from IndexTap.com.

Earlier, in January 2025, the Kotak family had acquired 12 apartments in the same building for ₹202 crore. Property registration data show that 13 transactions—12 flats and one earlier purchase from September 2024—were registered on January 30 and February 25, 2025. These units had carpet areas ranging from 173 square feet to 1,396 square feet, together adding up to 7,418 square feet.

The full acquisition of all 22 flats in the building represents a rare occurrence in Mumbai’s real estate market. While it is common for high-net-worth individuals to purchase multiple flats within the same building to expand their living space or preserve views, purchasing an entire building is unusual.

Real estate consultants say this level of consolidation suggests strategic planning for redevelopment or the creation of a large private residence. Experts point out that in areas such as Worli, where open plots are limited and redevelopment rules have been updated, acquiring an entire structure provides flexibility for future construction without resistance from co-owners or society members.

The Shiv Sagar Building is situated on a sea-facing stretch in Worli and overlooks both the Arabian Sea and the Mumbai Coastal Road. The location offers a clear coastal view and connectivity to South Mumbai and upcoming infrastructure networks. The building lies adjacent to another property—Champagne House—acquired by the Kotak family in 2018. That deal involved the purchase of a sea-facing bungalow for ₹385 crore from Ranjit Chougule, an executive formerly associated with Indage Vintners.

Observers suggest that this recent acquisition may be an extension of the earlier property purchase. The Kotak family’s control over both plots creates an opportunity to combine the two for a larger redevelopment project. It also gives the family autonomy over decisions regarding design, layout, and timeline if redevelopment is pursued.

There is precedent for such moves in Mumbai’s premium real estate segment. In 2024, Rekha Jhunjhunwala bought apartments in a nearby building to prevent any future obstruction to her sea-facing views from Malabar Hill. In comparison, the Kotak family’s move appears more comprehensive, involving complete ownership of a residential structure rather than a selective purchase of flats.

Industry professionals point out that ultra-high-net-worth individuals increasingly prefer securing control over surrounding properties. This helps them manage privacy, noise, construction risks, and view protection. In many cases, these purchases are not just residential in nature but also strategic, allowing for long-term redevelopment or consolidation of family assets.

The current transactions also underscore the continued demand for premium sea-facing real estate in Mumbai. As infrastructure improves and inventory in prime areas remains tight, families with long-term interests in the city are opting for larger, consolidated spaces that provide flexibility, privacy, and control.

Worli remains one of Mumbai’s most prominent residential zones, hosting several business families, senior professionals, and public figures. With rising land prices and redevelopment projects across the city, such acquisitions highlight the growing trend among wealthy families to secure entire buildings instead of individual flats.