India's Highest Price - Uday Kotak's Family Buys Property for Rs. 2.71 lakh/sq.ft

Former Kotak Mahindra Bank CEO and MD Uday Kotak and his family purchased a whole home complex in Mumbai's posh Worli Sea Face neighborhood. The property, called Shiv Sagar, was bought for an incredible Rs. 202 crore and comprises 12 units spread over three levels. The entire property was purchased by the family for Rs. 2.71 lakh per square foot, which is a new record for the highest price per square foot in India.

The building's units are said to have carpet surfaces that range from 173 to 1,396 square feet, or 7,418 square feet. The records show that one transaction was finalized on February 5 and the majority was registered on January 30.

In India's premium real estate market, the highest prices per square foot were Rs. 2.25 lakh on Altamount Road and Rs. 2.09 lakh on Bhulabhai Desai Road, both in South Mumbai. This transaction breaks those records.

Even though a large number of transactions have already been formally registered, others are still ongoing. The last documents are being completed, and the family has already paid the token sums.

Situated adjacent to Champagne House, which the Kotak family had acquired for Rs. 385 crore in 2018 from Ranjit Chougule, the former head of the now-defunct Indage Vintner wine company, the recently acquired property, 19 Shiv Sagar, is situated on a two-fifths acre tract. Since then, the Kotaks have undergone significant modifications to turn Champagne House into an extravagant home.