Fri Feb 07 07:23:26 UTC 2025: ## Kotak Family Splurges Rs 202 Crore on Luxury Mumbai Apartments
**Mumbai, [Date]** – Billionaire Uday Kotak, founder-director of Kotak Mahindra Bank, has made a significant real estate acquisition, purchasing 12 luxury apartments in Mumbai’s upscale Worli neighbourhood for a staggering Rs 202 crore (approximately $24.5 million USD). The purchase, revealed by property registration documents accessed by Zapkey, includes units in the Shiv Sagar building overlooking the Worli Sea Face, and was made by Mr. Kotak, his wife Pallavi, sons Dhawal and Jay, and his father Suresh.
The deal, which reportedly cost over Rs 2.7 lakh per square foot, represents one of the most expensive residential purchases in India. The family acquired a total of 7,418 sq ft of carpet area across the ground, first, and second floors. The first apartment was purchased in May 2022, with the remaining 11 registered on January 30, 2023.
The purchase raises speculation about the family’s intentions, as buying all units in a building sometimes precedes demolition and redevelopment. Mr. Kotak, ranked tenth on the Hurun Global Rich List with a net worth of $14 billion, remains a non-executive director at Kotak Mahindra Bank, retaining a nearly 26% stake. This latest acquisition adds to his already substantial holdings and underscores the continued strength of India’s luxury real estate market.
First Piper 