Uday Kotak and Family Set New Record with ₹202 Crore Purchase of 12 Luxury Sea-Facing Flats in Mumbai's Worli
Uday Kotak, Founder of Kotak Mahindra Bank and his family have set a new record in the Indian residential real estate market by purchasing 12 luxury apartments in Mumbai for ₹202 crore, with a price of ₹2.71 lakh per square foot. As per Hindustan Times, this deal marks the highest-ever price paid for residential property in India. The apartments are located in the Shiv Sagar Building at Worli Sea Face, offering views of the Arabian Sea and Mumbai Coastal Road, making them highly desirable due to their prime location.
The total area of the apartments purchased by the Kotak family spans 7,418 square feet. The units are spread across the ground, first, and second floors of the building. According to property registration documents accessed by Zapkey.com, the family paid a stamp duty of over ₹12 crore and a registration fee of approximately ₹3.6 lakh for the transactions. While most of the apartments were registered on January 30, 2025, one unit was registered earlier, in September 2024.
This purchase reflects a larger trend in Mumbai's luxury real estate market, where high-net-worth individuals (HNIs) are making bulk acquisitions in exclusive neighborhoods. Worli, known for its upscale residences, continues to attract some of the wealthiest individuals in the city, and the Kotak family's latest purchase reinforces the area’s appeal. Sea-facing properties in Mumbai have long been highly valued, and this transaction underscores the growing demand for such homes.
Uday Kotak’s recent acquisition follows a similar investment he made in 2018 when he bought a large bungalow at Worli Sea Face for ₹385 crore. This property was previously owned by Ranjit Chougule, an executive from the now-defunct Indage Vintners. Market sources suggest that the newly purchased apartments are located in a building next to the bungalow, further enhancing the Kotak family's presence in the area.
The Kotak family’s purchase is not an isolated instance in Mumbai's real estate market. In 2024, Rekha Jhunjhunwala, widow of the late billionaire investor Rakesh Jhunjhunwala, made headlines by purchasing 19 out of 24 apartments in the Rockside CHS building in South Mumbai. This deal, which amounted to ₹118 crore, was reportedly a move to protect the sea view from her residence in Malabar Hill, which is located nearby.
Another notable deal occurred in 2023 when members of the family and associates of D'Mart founder Radhakrishna Damani purchased 28 apartments in the Oberoi Three Sixty West building in Worli for ₹1,238 crore. This deal is considered one of the largest property transactions in the country and included a total carpet area of 1,82,084 square feet along with 101 car parks. The sheer scale of these acquisitions highlights the continuing demand for luxury properties in Mumbai, particularly in areas like Worli that offer prime locations and expansive views.
These bulk property deals, particularly in high-demand areas like Worli, emphasize the growing interest in luxury real estate among India’s wealthiest individuals. As Mumbai’s real estate market continues to draw substantial investments, it solidifies the city’s position as one of the most lucrative and competitive markets in the country.
With the demand for exclusive properties remaining strong, it is expected that luxury real estate in Mumbai will continue to attract investors seeking premium living spaces, further driving up prices in these sought-after neighborhoods.
Image source- x.com
