Billionaire banker Uday Kotak's keenly-watched property play in Mumbai's upscale Worli has come full circle as all the plot points have finally been joined in a record-setting realty story.
The deal for eight apartments that were stalling Kotak family office's acquisition of a prized residential building on Worli Sea Face is through at last at a total consideration of more than Rs 400 crore, The Economic Times newspaper has said in a report.
The Kotak family office had earlier registered 13 of the 24 units in the building that consists of three stories (ground-plus-two) at a price close to Rs 2.72 lakh per square foot. Now, the latest deal brings the price point to approximately Rs 2.75 lakh per square foot, a new record for property prices in India.
According to documents reviewed by ET, these recent transactions, conducted on April 8th and April 21st, involved prices ranging from Rs 12 crore to Rs 27.59 crore for apartments varying in size from 444 square feet to 1,004 square feet.
These eight newly registered deals, which have a total value of Rs 131.55 crore, are part of a larger transaction exceeding Rs 400 crore for the entire structure, which occupies two-fifths of an acre along the coastline.
The largest unit in the building, measuring 1,396 square feet, was sold for an impressive Rs 38.24 crore, while the smallest apartment, with an area of 173 square feet, garnered over Rs 4.7 crore.
Before the transactions conducted by Kotak in January, the peak prices per square foot recorded in India were Rs 2.25 lakh and Rs 2.09 lakh, which were observed on Altamount Road and Bhulabhai Desai Road in South Mumbai, respectively.
More than just price tag
It is not just the record-breaking, eye-watering price tag of the property that is making news -- the strategic location of Kotak's new purchase is also creating ripples in Mumbai realty circles.
The building, located at 19 Shiv Sagar, occupies a prominent sea front location, covering an area of two-fifths of an acre. The high-value property is situated next to Champagne House, which was purchased by the Kotak family in 2018 for Rs 385 crore from Ranjit Chougule, the former managing director of the now-defunct wine company Indage Vintners.
Like Kotak's newly purchased building, Champagne House also spans two-fifths of an acre and is currently undergoing redevelopment to serve as the family's new grand residence.
The deal has generated high interest in property markets both because of the hefty price tag as well as what Kotak family intends to do with it -- will the billionaire business tycoon choose to combine the two prized plots into a property with an even higher value, or will he rather keep these entities separate and execute something big in future?
It remains unclear as of now, but all eyes are on what the billionaire banker does next with his new prized possession.
New feather in Mumbai realty cap
Mumbai, the largest and most costly real estate market in India, has reached another milestone by achieving the highest number of property transactions recorded for the month of April.
This remarkable trend demonstrates the market's ability to maintain record-breaking performances, driven by strong sales activity and persistent buyer demand, even in the face of consistent increases in property prices and the government's recent announcement of higher ready reckoner (RR) rates effective from April 1.
During April, Mumbai saw over 13,080 property registrations, which has significantly contributed to the state’s revenue, yielding more than Rs 1,114 crore in stamp duty collections. This information has been provided by the Inspector General of Registration (IGR) and the Controller of Stamps in Maharashtra, highlighting the remarkable activity within the real estate sector during this period.
Price data from report by ET's Kailash Babar
The deal for eight apartments that were stalling Kotak family office's acquisition of a prized residential building on Worli Sea Face is through at last at a total consideration of more than Rs 400 crore, The Economic Times newspaper has said in a report.
The Kotak family office had earlier registered 13 of the 24 units in the building that consists of three stories (ground-plus-two) at a price close to Rs 2.72 lakh per square foot. Now, the latest deal brings the price point to approximately Rs 2.75 lakh per square foot, a new record for property prices in India.
According to documents reviewed by ET, these recent transactions, conducted on April 8th and April 21st, involved prices ranging from Rs 12 crore to Rs 27.59 crore for apartments varying in size from 444 square feet to 1,004 square feet.
These eight newly registered deals, which have a total value of Rs 131.55 crore, are part of a larger transaction exceeding Rs 400 crore for the entire structure, which occupies two-fifths of an acre along the coastline.
The largest unit in the building, measuring 1,396 square feet, was sold for an impressive Rs 38.24 crore, while the smallest apartment, with an area of 173 square feet, garnered over Rs 4.7 crore.
Before the transactions conducted by Kotak in January, the peak prices per square foot recorded in India were Rs 2.25 lakh and Rs 2.09 lakh, which were observed on Altamount Road and Bhulabhai Desai Road in South Mumbai, respectively.
More than just price tag
It is not just the record-breaking, eye-watering price tag of the property that is making news -- the strategic location of Kotak's new purchase is also creating ripples in Mumbai realty circles.
The building, located at 19 Shiv Sagar, occupies a prominent sea front location, covering an area of two-fifths of an acre. The high-value property is situated next to Champagne House, which was purchased by the Kotak family in 2018 for Rs 385 crore from Ranjit Chougule, the former managing director of the now-defunct wine company Indage Vintners.
Like Kotak's newly purchased building, Champagne House also spans two-fifths of an acre and is currently undergoing redevelopment to serve as the family's new grand residence.
The deal has generated high interest in property markets both because of the hefty price tag as well as what Kotak family intends to do with it -- will the billionaire business tycoon choose to combine the two prized plots into a property with an even higher value, or will he rather keep these entities separate and execute something big in future?
It remains unclear as of now, but all eyes are on what the billionaire banker does next with his new prized possession.
New feather in Mumbai realty cap
Mumbai, the largest and most costly real estate market in India, has reached another milestone by achieving the highest number of property transactions recorded for the month of April.
This remarkable trend demonstrates the market's ability to maintain record-breaking performances, driven by strong sales activity and persistent buyer demand, even in the face of consistent increases in property prices and the government's recent announcement of higher ready reckoner (RR) rates effective from April 1.
During April, Mumbai saw over 13,080 property registrations, which has significantly contributed to the state’s revenue, yielding more than Rs 1,114 crore in stamp duty collections. This information has been provided by the Inspector General of Registration (IGR) and the Controller of Stamps in Maharashtra, highlighting the remarkable activity within the real estate sector during this period.
Price data from report by ET's Kailash Babar
You may also like
KIYG 2025: Maharashtra's Aditi Hegde bags gold, Karnataka swimmers claim four titles
TN Fisheries Dept steps up coastal patrols to tackle illegal fishing amid 61-day ban period
Biggest blow yet to Keir Starmer that means his days as PM are numbered
Do you think Prince Harry and the Royal Family will ever heal their rift? Vote now
UP govt aims to double maize production by 2027
