India's Expensive Real Estate Purchase: Uday Kotak's Rs 2.75 Lakh/Sq. Ft Buy

A new record has been achieved in the Indian real estate market. Billionaire businessman and founder of Kotak Mahindra Bank Uday Kotak has, according to reports, acquired an apartment complex at Worli Sea-Face, one of the costliest areas in Mumbai, for more than Rs 400 crore. This has led to a per-square-foot price of Rs 2.75 lakh, a record ever since the inception of Indian realty.

The Kotaks had already filed for ownership of 13 out of 24 flats in the apartment complex. Recently, they are said to have bought another eight flats at Rs 131.55 crore. The newly acquired flats vary between 444 square feet and 1,004 square feet and have prices between Rs 12 crore and Rs 27.59 crore. Whereas facts about how much was paid for the remaining three flats were not made available, the aggregate value of the property is said to have crossed Rs 400 crore.

Interestingly, the smallest flat in the complex, which has an area of just 173 square feet, is being sold for Rs 4.7 crore. Meanwhile, a bigger flat with an area of 1,396 square feet has been priced at Rs 38.24 crore. The building is situated in the high-end Worli area of Mumbai, facing the Mumbai coastal road and overlooking the Arabian Sea.

But the Kotak family has not issued any official comment on this latest deal.