Kotak Family Buys 12 Flats in Worli Sea Face for Rs 202 Cr

Mumbai, Feb 6 (PTI) Billionaire Uday Kotak has bought 12 residential units in central Mumbai's upmarket Worli for Rs 202 crore, as per documents shared on Thursday.

Kotak -- the founder-director of private sector lender Kotak Mahindra Bank -- has bought 12 units in Shiv Sagar building at the coveted Worli Sea Face, along with family members, as per documents accessed by Zapkey.

The Kotaks seem to have paid over Rs 2.7 lakh per sq ft for acquiring the units in a neighbourhood which is home to many prominent people from trade and industry, as per the documents.

This makes it one of the most expensive buys in the financial capital and probably the country as well.

The family bought the first house of 735 sq ft house on May 9 last year, and 11 others were registered on January 30 this year, as per the documents.

It has so far acquired 7,418 sq ft carpet area for Rs 201.88 crore in the flats on the ground, first and second floors, the data said, adding that the flats have been bought by Kotak, his wife Pallavi, sons Dhawal and Jay and also father Suresh.

It can be noted that in the past, some investors have bought all units in a residential development to have complete control, which allows them the freedom to raze the property and rebuild if so desired.

Kotak is a non-executive director of the fourth largest private sector lender and owns nearly 26 per cent in the bank.

As per Hurun Global Rich List, Kotak was the tenth richest person in the country as of March 2023 with a net worth of USD 14 billion. The bank promoters had raised over Rs 6,900 crore through a stake sale in 2020.