Uday Kotak buys sea-facing building in Worli for over Rs 400 crore, creates new property price record

The most recent apartments were purchased at a price of between Rs 12 crore and Rs 27.59 crore, taking the per square foot price to approximately Rs 2.75 lakh and almost Rs 2.90 lakh on a carpet area basis, the highest-ever price paid for housing property in India, as per documents accessed via property portal IndexTap. Even the smallest flat in the building, which was a mere 173 sq ft, commanded more than Rs 4.7 crore, while the largest, a 1,396 sq ft one, was sold at Rs 38.24 crore.

Earlier, between September 2024 and January 2025, the Kotaks bought 12 apartments in the building for Rs 202 crore. These early buys were already in the news, with the average price touching a whopping Rs 2.72 lakh per sq ft.

The building, 19 Shiv Sagar, is next to Champagne House, another high-end address on Worli Sea Face, which the Kotak family had purchased in 2018 from Ranjit Chougule, managing director of the defunct Indage Vintners, for Rs 385 crore.

This new acquisition comes at a time when the Mumbai real estate sector is on a growth spree. Even with the increase in property prices and the recent rise in ready reckoner (RR) rates effective from April 1, the demand is unabated. Over 13,080 properties were registered in Mumbai in April 2025, accounting for more than Rs 1,114 crore in stamp duty for the state, the highest for any April ever recorded.

The Kotak family’s investment highlights the confidence of ultra-high-net-worth individuals in Mumbai’s premium real estate, especially in iconic locations like Worli Sea Face, which continues to attract record-setting deals.