Mumbai: The billionaire banker and founder of Kotak Mahindra Bank, Uday Kotak, along with his family, has made significant real estate investments in Mumbai, including the purchase of an entire building with 22 apartments in Worli for over ₹400 crore.
They also acquired 10 ocean-view apartments in the Shiv Sagar Building for more than ₹200 crore, with one transaction reaching ₹2.89 lakh per square foot. In January 2025, the family further acquired 12 additional apartments in the same complex for ₹202 crore, marking a rare precedent in Mumbai's real estate market, where entire housing society purchases are unusual.
Experts highlight that such transactions usually attract ultra-high-net-worth individuals (UHNWIs) seeking enhanced privacy and living conditions. Notably, Rekha Jhunjhunwala previously made headlines for acquiring properties for similar reasons. The Kotak family's initiatives reflect a trend of affluent families expanding living spaces by acquiring adjacent properties.
Adjacent to the Shiv Sagar building, Uday Kotak had purchased the Champagne House for ₹385 crore in 2018. Recent property registration records indicate transactions from September 2024 to April 2025 involved apartments ranging from 173 sq. ft. to 2,200 sq. ft., totaling 7,418 sq. ft. in the upscale Worli area, known for its elite residents and Arabian Sea views. An inquiry sent to Kotak Mahindra Bank regarding these purchases did not receive a response. Overall, the Kotak family's significant transactions represent a milestone in India’s real estate market, including a flat at ₹2,74,784 per square foot, one of the country's most expensive acquisitions according to reports by Hindustan Times.
The Kotak family has made noteworthy real estate investments, recently acquiring 10 sea-facing apartments for over ₹224.32 crore, according to property portal IndexTap. Earlier this year in January, they set a national record by purchasing 12 homes in the same building at ₹2,71,796 per square foot for one of the apartments. Following this latest buy, the Kotaks now own 22 out of 24 apartments in the building, with total investments amounting to ₹426.21 crore.
In March 2018, they previously bought the Champagne House bungalow next to 19 Shiv Sagar from Ranjit Chougule for ₹275.14 crore, priced at ₹1.52 lakh per square foot. However, it is unclear if the Kotaks intend to merge these properties.
Registration records from IndexTap show that on March 5, they registered a 735-sqft flat in 19 Shiv Sagar, followed by a 2,200-sqft apartment on March 24. Additionally, they registered seven more homes on April 8, concluding with another 735-sqft flat on April 21. Notably, one apartment registered on April 8 was sold for ₹27,58,82,966, marking it as the most expensive real estate transaction in India at ₹2,74,784 per square foot. The pricing for the remaining nine flats ranges between ₹2,71,796 and ₹2,73,933 per square foot, reflecting the substantial involvement of the entire Kotak family in these real estate ventures.
