Business

IIE DIGITAL DESK : Real estate transaction, billionaire banker Uday Kotak, founder of Kotak Mahindra Bank, has acquired the entire residential building '19 Shiv Sagar' located on Mumbai's prestigious Worli Sea Face for over ₹400 crore. This purchase sets a new national benchmark for residential property prices, with per square foot rates reaching an unprecedented ₹2.75 lakh.

The acquisition was finalized through a series of transactions. Initially, in January and September, Kotak's family secured 13 out of the 24 apartments in the ground-plus-two-storey building at approximately ₹2.72 lakh per sq ft. The latest phase involved purchasing the remaining eight apartments, with deals registered on April 8 and April 21. These units, ranging from 444 sq ft to 1,004 sq ft, were acquired at prices between ₹12 crore and ₹27.59 crore, culminating in a total of ₹131.55 crore for this phase.

The building, occupying two-fifths of an acre, is strategically situated adjacent to 'Champagne House,' another sea-facing property acquired by the Kotak family in 2018 for ₹385 crore. The proximity of these two properties has sparked speculation about potential redevelopment plans, possibly merging both plots to create a sprawling, luxurious residence.

This transaction has surpassed previous records in India's luxury real estate market, where the highest prices per square foot were ₹2.25 lakh on Altamount Road and ₹2.09 lakh on Bhulabhai Desai Road, both located in South Mumbai. 

The Kotak family's acquisition reflects the ongoing trend of high-net-worth individuals investing in prime real estate assets, particularly in Mumbai's upscale neighborhoods. The city's real estate market continues to demonstrate resilience and growth, with April witnessing over 13,080 property registrations—the highest ever recorded for the month—contributing over ₹1,114 crore in stamp duty collections to the state exchequer.

While the Kotak family has not publicly disclosed their intentions for the newly acquired property, the consolidation of ownership over the entire building and its adjacency to another family-owned plot suggest potential plans for redevelopment or the creation of a grand private residence.

This monumental deal not only underscores Uday Kotak's significant footprint in India's banking sector but also highlights his strategic investments in the country's most coveted real estate locales.