Uday Kotak and family buy 12 flats in Mumbai’s Worli for THIS whopping price, set new benchmark |

Uday Kotak, India’s richest banker and the former head of Kotak Mahindra Bank, along with his family, have purchased residential property in Mumbai’s upscale Worli Sea Face area, which has set a new high in Mumbai’s residential real estate market and a new national pricing benchmark while buying out existing residents to consolidate ownership of the property for his family.
What is the price of the property?
As per the Economic Times, Uday Kotak and his family bought 12 apartments in the Shiv Sagar building at Worli Sea Face in Mumbai. The total area of the properties amounts to 7,418 square feet. The purchase price was Rs 2.72 lakh per square foot. The Kotak family bought apartments for about Rs 2.72 lakh per square foot, setting a new national record for property prices. Previously, the highest prices were Rs 2.25 lakh and Rs 2.09 lakh per square foot in South Mumbai’s Altamount Road and Bhulabhai Desai Road areas. The Kotak family paid Rs 400 crore for the flats. The Shiv Sagar building has 25 flats, ranging in size from 173 sq ft to 1,042 sq ft. The Kotak family members, including Uday Kotak, his wife Pallavi Kotak, his parents Suresh and Indira, and his sons Jay and Dhawal, have registered 12 of these flats. The registrations occurred on January 30, 2025.
As per the documents found on Zapkey.com, the Kotak family has reportedly paid over Rs 12 crore in stamp duty and about Rs 3.60 lakh as a registration fee for buying 12 apartments. These apartments are on the ground, first, and second floors, providing views of the Arabian Sea and the Mumbai Coastal Road.
Combining two properties?
According to the Hindustan Times, apart from these 12 flats, if the Kotaks buy the remaining 13 flats in the Shiv Sagar building, they would own the entire building. This could give them control of the land the building is on. Owning the land could allow them to combine it with the plot next door, which they also own. The Kotak family had purchased the Champagne House next door in March 2018 for Rs 275.14 crore. The bungalow has since been torn down, and the land is currently empty. The new apartments are reportedly in a building next to this property.

The area of Worli Seaface is particularly notable for all the rich and affluent of the business industry, about 500 mt from Kotak’s Shiv Sagar building or Khan Abdul Gaffar Khan Road, Anand Piramal and Isha Ambani’s home Karuna Sindhu is also situated. 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 for Rs. 130 crore, an average price of Rs. 1.06 lakh per sq ft.
South Mumbai, is known for housing some of India’s priciest apartments being one of Mumbai’s posh areas and upscale neighborhoods.