India’s Most Expensive Flat Deal: Uday Kotak Buys Out Entire Worli Building for ₹400+ Cr

In a move that has set a new benchmark for residential property prices in India, Uday Kotak, the billionaire founder of Kotak Mahindra Bank, has reportedly concluded the acquisition of an entire sea-facing building in Mumbai’s prestigious Worli Sea Face locality. The total transaction value has exceeded ₹400 crore, making it one of the most significant residential deals in recent history.

According to property registration documents reviewed by The Economic Times, the Kotak family had already secured 13 out of the 24 apartments in the low-rise, ground-plus-two-storey building earlier in January and September. These were reportedly purchased at an average price of ₹2.72 lakh per square foot. Now, the banker has acquired the remaining eight apartments at a new national record of ₹2.75 lakh per square foot.

Final Pieces Acquired to Complete the Puzzle

The most recent transactions, registered between April 8 and April 21, covered units ranging from 444 sq ft to 1,004 sq ft and were valued between ₹12 crore and ₹27.59 crore each. These eight apartments alone account for a cumulative spend of ₹131.55 crore.

Among the earlier purchases, a 1,396 sq ft apartment had fetched ₹38.24 crore, while the smallest unit in the building, measuring just 173 sq ft, reportedly commanded over ₹4.7 crore — a testament to the skyrocketing land value on Mumbai’s coast.

A Strategic Buy Beside a Legacy Address

This newly-acquired property, named 19 Shiv Sagar, spans approximately two-fifths of an acre and stands adjacent to Champagne House, which the Kotak family had purchased back in 2018 for ₹385 crore from Ranjit Chougule, MD of the now-defunct Indage Vintners. Champagne House, which is also being redeveloped into a grand private residence, occupies a similar-sized plot.

Although it remains unconfirmed whether both plots will be merged into a single ultra-luxury estate or retained separately for future development, industry insiders believe the strategic location and scale of the combined land parcel could make it one of the most valuable residential developments in the city.

Mumbai Market Defies Gravity

Even as Mumbai retains its title as India’s most expensive real estate market, this transaction has reinforced its position at the top. Prior to Kotak’s January deals, the highest recorded per sq ft rates in the country were ₹2.25 lakh at Altamount Road and ₹2.09 lakh at Bhulabhai Desai Road.

The city’s property market has continued to thrive in April 2025, recording the highest number of property registrations in any April to date. This momentum comes despite consistent price escalation and a hike in the ready reckoner (RR) rates that came into effect from April 1.

At the time of publishing, no response had been received from Uday Kotak’s office regarding the developments.

Disclaimer: The information presented in this article is based on publicly available property transaction records and reports from reputable media sources such as The Economic Times. While we strive to ensure accuracy, Ghar.tv does not independently verify property prices or ownership details. All property values, rates, and transactions mentioned are subject to market fluctuations and official confirmation. This article is intended for informational purposes only and should not be construed as financial, legal, or investment advice.