India, Feb. 7 -- Uday Kotak, former managing director and chief executive officer of Kotak Mahindra Bank, and his family have purchased 12 flats in Shiv Sagar building at the Worli Seaface, for a record Rs.2.72 lakh per square foot, setting a new high in Mumbai's residential real estate market. The Kotak family has purchased the flats for Rs.201.89 crore, according to documents accessed by HT.

The previous record for a residential property transaction took place in 2018, when a 2,300-sq ft apartment in Samudra Mahal, also on the Worli Seaface, was bought for Rs.53.5 crore or Rs.2.32 lakh per sq ft.

Shiv Sagar building has 25 flats, whose sizes vary from 173 sq ft to 1,042 sq ft. Of these 25 flats, 12 have been registered in the names of...