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Former Kotak Mahindra Bank CEO Uday Kotak has made Mumbai's most expensive real estate purchase, acquiring Shiv Sagar at Worli Sea Face for INR 202 crore at a record-breaking INR 2.71 lakh per sq ft. The 7,418 sq ft property surpasses previous highs on Altamount Road (INR 2.25 lakh per sq ft) and Bhulabhai Desai Road (INR 2.09 lakh per sq ft). This marks another major acquisition for the Kotak family, who previously bought Champagne House next door. Mumbai's luxury real estate sector continues to thrive, with ultra-high-net-worth individuals driving record-breaking transactions despite rising costs.
Former CEO of Kotak Mahindra Bank Uday Kotak now has his eyes set on Worli Sea Face, as he actively participates in Mumbai's ultra luxury real estate market. A residential building, Shiv Sagar, is located at the heart of Worli Sea Face. It consists of 12 units split into three floors. Recently, the building was sold for an enormous sum of INR 202 crore. With this purchase, Kotak family has set another record by paying INR 2.71 lakh per square foot, making theirs the most expensive property in the city. Advertisement
The property offers a total area of 7,418 square feet, while individual apartments range from a cozy 173 square feet to a spacious 1,396 square feet. Most transactions for the property were initiated around the dates of 30 January and 5 February 2025. This deal beats the previous benchmarks by a long margin. Previously, some of the most sought after properties in the city were on Altamount Road, selling at INR 2.25 lakh per square foot, and on Bhulabhai Desai Road, which sold for INR 2.09 per foot.
Following the trend of the Kotak family, who have been purchasing properties in key areas, they have also acquired the Shiv Sagar building. The Shiv Sagar building is located beside the Champagne House and has an area of 2.5 acres. The Kotak family bought the Champagne House back in 2018.
Mumbai's luxury real estate sector is known for its high-value transactions. For example, a Worli penthouse sold for over INR 100 crore in 2020, and a 2018 Altamount Road property sale reached INR 450 crore. Additionally, a luxury apartment in Mukesh Ambani's Antilia was rented for INR 1 lakh per day in 2021. These deals, along with the Kotak purchase, demonstrate the strong demand for prime properties in areas like Cuffe Parade, Malabar Hill, and Worli, attracting affluent buyers from both India and abroad.
These transactions reflect a consistent trend of record-breaking deals in Mumbai's luxury property market. Wealthy individuals continue to invest in properties offering desirable locations, high-end amenities, and impressive views. Despite economic uncertainties, Mumbai remains a prime destination for luxury real estate investment.
The demand for luxury properties in Mumbai's prime areas remains robust, with developers creating more high-end offerings. While rising construction costs may pose challenges, the city's luxury real estate market is expected to continue growing, catering to the increasing number of wealthy buyers.
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