Mumbai’s real estate market just saw a new record! Uday Kotak, founder and former managing director of Kotak Mahindra Bank, and his family have purchased 12 flats in a building at the Worli Sea Face, Mumbai, for a whopping ₹400 crore! Scroll on to know more about this.
Uday Kotak Buys Entire Residential Building In Mumbai’s Worli Sea Face
According to the Economic Times, billionaire Uday Kotak and his family bought an entire residential building, with 12 flats, in Shiv Sagar at the Worli Sea Face, Mumbai. The purchase was made for a record ₹2.72 lakh per square foot. This has set a new high in Mumbai’s residential real estate market.
As per the documents making rounds online, the Kotak family purchased the flats for ₹400 crore. Now, the Shiv Sagar building has 25 flats. The sizes of these residential units vary from 173 sq ft to 1,042 sq ft. Of these 25 flats, 12 have been registered in the names of various Kotak family members. They were all registered on January 30, under the names of Uday Kotak, his wife Pallavi Kotak, parents Suresh and Indira, and sons Jay and Dhawal.
More Details About The Purchase & Existing Property In The Area
As per the documents found on Zapkey.com, the Kotak family paid over ₹12 crore in stamp duty for the purchase of 12 apartments. Additionally, they paid a registration fee of approximately ₹3.60 lakh. These apartments are situated on the ground, first, and second floors, and offer scenic views of the Arabian Sea and the Mumbai Coastal Road. According to Hindustan Times, the Kotak family had bought the adjacent Champagne House in March 2018. They bought this property for ₹275.14 crore. Currently, the plot is vacant and the bungalow has been demolished.
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Share your thoughts about this big purchase by Uday Kotak and his family in the comments section.
Cover Image Courtesy: Flickr & X/PixelDo (representative image)
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