Former MD and CEO of Kotak Mahindra Bank, Uday Kotak, and his family have bought 12 residential properties worth Rs 202 crore at Worli Sea Face Area, in Mumbai.
In all, 7,418 square feet of properties have been bought at an average rate of Rs 2.72 lakh per sq ft, setting a new record for residential property deals in Altamount Road.
The properties are located at Shiv Sagar residential propert, according to documents accessed through Zapkey.com.
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Uday Kotak’s wife Pallavi Kotak, his sons Jay and Dhawal Kotak, and his parents Suresh and Indira Kotak have bought properties from different sellers, as per documents.
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All but one of the transactions were registered on January 30, while the other one was registered on February 5, the transaction documents said.
Kotak could not be reached for comments.
Kotak is currently serving as a non-executive director on Kotak Mahindra Bank’s board, having been its managing director and CEO till September 2023. He holds a stake of around 25.70% in the Kotak Mahindra Bank.
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Several corporate leaders have bought expensive properties in Mumbai in recent years. In 2023, stock market icon and Founder of D Mart RK Damani , and his family purchased a total of 28 apartments in Three Sixty West in Worli Rs 1,238 crore. Each apartment, priced between Rs 40 and 50 crore.
Same year, Welspun Group chairman BK Goenka bought 30,000 sq ft properties in the same property for Rs 240 crore.
Last year, Niraj Bajaj , Chairman of Bajaj Auto, bought a luxury property in Lodha Malabar in Malabar Jills for Rs 252 crore
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