India's richest banker and the former managing director and CEO of Kotak Mahindra Bank, Uday Kotak, as well as his family, bought residential property worth Rs 202 crore at a three-floor development located on Mumbai's upmarket Worli Sea Face area. The 12 properties that formed the transaction are located in the Shiv Sagar residential property, according to documents accessed by Zapkey.
According to the documents, the transactions also involve his wife Pallavi Kotak, his sons Jay and Dhawal Kotak, and his parents Suresh and Indira Kotak. The total transaction amounts to 7,418 square feet of space, at a rate of Rs 2.71 lakh per square foot. All but one of the transactions were registered on January 30, while the other one was registered on February 5, the transaction documents said.
Uday Kotak currently serves as a non-executive director on Kotak Mahindra Bank's board, having been its managing director and CEO till September 2023, and holds a stake of around 25.70 percent of the bank. Moneycontrol has reached out to Uday Kotak's office seeking comment regarding the deal, and this story will be updated as and when the responses are received.
While observers had expressed concerns about the Worli Sea Face micro-market as the sea has moved further away than earlier due to the newly-constructed Coastal Road, transaction and new business development activity has gone on at a fair clip in the locality.
Branded developers, including Lodha, Avighna, Sugee, as well as smaller developers have inked redevelopment deals for low-rise luxury apartments, some of which were constructed more than four decades ago, in order to provide sea-facing apartments located in an area with convenient road connections, such as the Coastal Road, and the Worli-Sewri elevated corridor. The latter is slated to link the area to the Eastern Freeway in Sewri and to the trans-harbour Atal Setu.
The area is home to multiple billionaire-promoters of large corporate houses, with multiple large deals executed in the past few months. That includes Seema Singh, part of Alkem Laboratories' promoter family, who purchased an apartment worth Rs 185 crore at the Lodha Sea Face luxury housing development by Macrotech (Lodha), as well as Neerav Parekh and his mother Kalpana Parekh, part of the promoter group of Pidilite Industries and owners of Barnsley Football Club in England, who bought two apartments at the Naman Xana development at Worli Sea Face, worth Rs 170 crore.
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