Mumbai Real Estate Deal: Uday Kotak and his family have bought an entire luxury building in Mumbai’s Worli Sea-Face area for a whopping Rs 202 crore. The building has 12 luxury flats and the deal is considered one of the most expensive property transactions in Mumbai.
There have been reports of several big property deals in Mumbai in the last few months. Some properties have been bought by industrialists and some by cine stars and artists. Now one such big deal has happened in Mumbai. Former Managing Director and CEO of Kotak Mahindra Bank Uday Kotak along with his family has bought an entire building in Mumbai’s Worli Sea-Face area. This building has 12 ultra-luxury flats and this deal is worth a whopping Rs 202 crore. This is considered one of the most expensive property deals in Mumbai.
Worli Sea-Face: The hub of luxury and expensive properties
Worli is one of the most posh areas in Mumbai and beachfront properties are in high demand. That’s why the Kotak family invested heavily to buy 12 flats in this 3-storey building.
New record in price per square foot
According to a report by the Economic Times, the price per square foot in this transaction is Rs 2.71 lakh, which is the highest ever in the area. Earlier, the record prices were recorded at Altamount Road and Bhulabhai Desai Road of Rs 2.25 lakh and Rs 2.09 lakh per square foot respectively.
Purchase completed in January-February 2024
According to land documents, most of the transactions related to this building were registered on January 30, 2024. While the final transaction was completed on February 5, 2024. This deal is said to have set a new record in the Indian real estate sector.
New property next to ‘Champagne House’
This new purchase is for the ’19 Shiv Sagar’ building, which is located next to Champagne House, which the Kotak family bought for Rs 385 crore in 2018. This new wealth gives Uday Kotak control over a luxury beachfront property.