India's Costliest Real Estate Purchase: Uday Kotak’s ₹2.75 Lakh/Sq. Ft Buy
A new benchmark has been set in the Indian real estate sector. Uday Kotak, billionaire industrialist and founder of Kotak Mahindra Bank, has reportedly purchased an apartment building in Worli Sea-Face, one of Mumbai’s most expensive localities, for over ₹400 crore. This transaction has resulted in a per-square-foot rate of ₹2.75 lakh, the highest ever recorded in the history of Indian real estate.
The Kotak family had already registered ownership of 13 out of 24 flats in the apartment complex. Recently, they are reported to have purchased an additional eight flats for ₹131.55 crore. These newly acquired flats range in size from 444 to 1,004 square feet, with prices varying between ₹12 crore and ₹27.59 crore. While details regarding the price paid for the remaining three flats have not been disclosed, the total value of the building is said to have surpassed ₹400 crore.
Notably, the smallest flat in the building, measuring just 173 square feet, is priced at ₹4.7 crore. At the same time, a larger flat with a 1,396 square foot area has been valued at ₹38.24 crore. The property is located in Mumbai's upscale Worli neighborhood, overlooking the Arabian Sea and facing the Mumbai coastal road.
However, the Kotak family has not made any official statement regarding this recent deal.