Uday Kotak buys 12 flats in Mumbai's Worli Sea Face building for over Rs 200 crore: Report

Uday Kotak, the former managing director and CEO of Kotak Mahindra Bank, along with his family, recently acquired residential property valued at Rs 202 crore in the prestigious Worli Sea Face area of Mumbai. 

The purchase includes 12 properties within a three-floor development known as Shiv Sagar. According to multiple news reports, the total area of the properties amounts to 7,418 square feet, with a cost of Rs 2.71 lakh per square foot. The majority of the transactions were officially registered on January 30, with one additional transaction recorded on February 5, as per information obtained from transaction documents on Zapkey.com.

According to documents found on Zapkey.com, the Kotak family paid over Rs 12 crore in stamp duty for the purchase of 12 apartments, along with a registration fee of approximately Rs 3.60 lakh. These apartments are situated on the ground, first, and second floors, offering views of the Arabian Sea and the Mumbai Coastal Road. Worli, where the apartments are located, is renowned for its affluent residents.

According to documents, the 12 apartments range in carpet areas from 173 to 1,396 sq ft, totaling 7,418 sq ft. In 2018, Uday Kotak and his family acquired a spacious bungalow at Worli Sea Face from Ranjit Chougule, executive of the now-defunct wine company Indage Vintners, for Rs 385 crore as reported by Mint. Market sources indicate that these 12 new apartments are located in a building adjacent to this bungalow.

Uday Kotak, who previously served as the managing director and CEO of Kotak Mahindra Bank until September 2023, now holds a non-executive director position on the bank's board. He also owns a stake of about 25.70% in the bank.

Mumbai real estate market

In 2024, residential property sales in the top eight cities of the country reached unprecedented levels, driven by robust demand in the mid-income, premium, and luxury segments. The year ended with a historic surge in sales activity.

Mumbai stood out as the nation's largest and most expensive property market, maintaining its trend of setting records in property transactions and per square foot rates.

Mumbai has achieved a significant milestone with its strongest-ever performance in January, as evidenced by the record number of deal registrations and stamp duty collection. 

According to data from the Inspector General of Registration (IGR) and Controller of Stamps, Maharashtra, the financial capital recorded over 12,000 registrations during the month, marking it as the best January for property sales in both primary and secondary markets. 

This figure surpassed last year's record by 9%. The state exchequer saw a substantial increase in revenue, with stamp duty collection on these property deals amounting to Rs 969 crore, reflecting a 27% growth compared to the previous year.

In January, the Mumbai real estate market experienced a noticeable change in buyer preferences. Registrations for properties priced at Rs 2 crore and above increased from 16% to 19% compared to a year ago, reflecting a rising demand for premium real estate. On the other hand, registrations for properties under Rs 50 lakh decreased from 31% to 28%, indicating a clear shift towards higher-value segments.

There was also a shift in the size of preferred apartments. Registrations for apartments measuring between 1,000 and 2,000 sq ft increased from 8% to 13% from the previous year. Meanwhile, the share of apartments exceeding 2,000 sq ft remained stable at 1%. The demand for smaller units up to 500 sq ft saw a drop in registrations, decreasing from 48% to 38%. This trend signals a growing preference for more spacious homes in the Mumbai property market.