Uday Kotak buys ₹400 crore Mumbai sea-facing property, sets new record of real estate prices: Report | Company Business News

The billionaire founder of Kotak Mahindra Bank, Uday Kotak, finalised the purchase of an entire residential building on Mumbai‘s Worli Sea Face region for more than ₹400 crore. This marks a new benchmark in the city’s residential real estate prices, reported the news portal Economic Times on Monday, May 5. 

As per the report, the latest deal was for eight additional apartments in the sea-facing property of 19 Shiv Sagar in Worli, Mumbai.

The earlier reports suggest that Uday Kotak‘s family had registered deals for 13 of the 24 apartments in the ground-plus-two-storey building in January and September for nearly 2.72 lakh per sq ft.

The recent transaction set a new benchmark of nearly ₹2.75 lakh per sq ft, according to the news portal’s report.

How much did it cost?

The new deal pegs the property prices in the range between ₹12 crore and ₹27.59 crore for the apartments, which have a carpet area of more than 444 sq ft to 1,004 sq ft. The properties were registered on April 8 and April 21, reported the news agency, citing documents. 

The recent eight transactions had a cumulative value of ₹131.55 crore, which makes the total deal worth more than ₹400 crore for the entire building, which is spread across over two-fifths of an acre, as per the news report.

About the property

The Worli prime sea-facing property, named 19 Shiv Sagar, is situated right next to the Champagne House, which was acquired by the Kotak family in 2028 from Ranjit Chougule, the managing director of the defunct wine company named Indage Vintners, for ₹385 crore.

The biggest apartment at 19 Shiv Sagar is spread over 1,396 sq ft and was sold for ₹38.24 crore, and the smallest one, with a carpet area of 173 sq ft, was sold for ₹4.7 crore.

As per the reports, Kotak‘s Champagne House, which is spread across two-fifths of an acre, is now under redevelopment as the family’s new palatial house.

It could not be determined whether or not the Kotak family is looking to merge the plots for redevelopment or keep them as two separate projects, according to the agency report.

Email queries sent to Uday Kotak remained unanswered. LiveMint couldn’t independently verify the report.

Mumbai has yet again proved its worth to be the nation’s largest and most expensive real estate market, which continues to scale to new peaks. Mumbai also registered the highest amount of property transactions ever recorded in the month of April, 2025, as per the agency report.