Uday Kotak sets Benchmark - Buys Housing Property for Rs. 400 Crore

In order to complete the purchase of a whole residential building on Worli Sea Face for over Rs. 400 crore, billionaire Uday Kotak, the founder of Kotak Mahindra Bank, has now finalized agreements for eight more flats, setting a new national residential property price record. 

Although 13 of the 24 flats in the ground-plus-two-story structure were previously sold by the banker's family in January and September for about Rs. 2.72 lakh per square foot, the most recent transactions have topped that amount and set a new record at about Rs. 2.75 lakh per square foot.

 According to the records obtained by ET, the new deals, which ranged in price from Rs. 12 crore to Rs. 27.59 crore for apartments spanning 444 to 1,004 square feet, were registered on April 8 and April 21.  The whole sale for the entire building, which is sprawled across two-fifths of an acre on the seafront, is worth over Rs. 400 crore, including the last eight deals, which together total Rs 131.55 crore. 

The smallest property in the building, which is 173 square feet in size, sold for more than Rs. 4.7 crore, while the largest apartment, which is 1,396 square feet, went for Rs. 38.24 crore. 

The highest rates per square foot that were obtained nationwide prior to Kotak's January deals were Rs. 2.25 lakh in South Mumbai's Altamount Road and Rs. 2.09 lakh in Bhulabhai Desai Road.