Uday Kotak and his family members purchased 11 flats on January 30, 2025, and one flat on September 5, 2024, in the Shiv Sagar Co-op Housing Society, Worli Seaface, at a record-breaking ₹2.72 lakh per sq ft.
According to registration documents available with SquareFeatIndia, the 12 apartments are located in a sea-facing building next to Champagne House, which the Kotaks had previously acquired in 2018 for ₹385 crore from the Chougle family, the former owners of the now-defunct wine-making company, Indage Vintners.
The apartments in Shiv Sagar range in size from 173 sq ft to 1,396 sq ft. The total area acquired by the Kotak family measures 7,148 sq ft, for which they paid ₹201.88 crore, bringing the per sq ft rate to ₹2.72 lakh. The stamp duty paid for the registration of these 12 apartments amounts to ₹12.11 crore.
According to sources familiar with the deal, the building comprises a total of 24 apartments, and the Kotaks are looking to acquire all of them. With 12 already in their possession, their plans for the remaining units remain to be seen.
Once all the apartments are bought the entire building will cost around ₹400 crore to the Kotak family.
Meanwhile, at the site of Champagne House, a grand palatial home is under construction for the family. What the Kotaks plan to do with their latest acquisition is yet to unfold.
Also Read: With 57% Value Share, CRE Dominates PE Deals in FY24
