Worli’s Champagne House sold for a whopping Rs 275.14 crore to the Kotak family

Once belonging to wine baron Chougule's Champagne House, located at Worli Sea Face now belongs to the Kotak family, who paid a whooping Rs 275.14 crore to acquire the iconic residence. The bungalow measures 1672.25 sq mt, and the deal was registered on March 20. A total of five registrations concerning Champagne House took place on the same day. Kotak and associated companies bought all the associated properties. A rough estimate puts the per sq ft price to Rs 1.52 lakh for the plot.

Two deals were directly signed between Pallavi Kotak for USK Benefit Trust and the Chougule's, this includes an assignment deed of tenancy rights for Rs 150 crore and the other was a transfer deed signed for Rs 38 crore for a two flat on third floor measuring 8,000 sq ft. The other three deals include sale of a 2,540 sq ft apartment for Rs 16.82 crore, between Falcom realty private limited and Renato Realty Prviate Limited this flat is on the first floor. 

The second flat on the first floor was also sold for Rs 16.82 crore to Dorin Realty Private Limited, by Riz Realty Private Limited and it too measures 2,540 sq ft. The last deal is between Shah family who was paid Rs 53.50 crore by Kwantyco Realty Private Limited for a flat on the ground floor measuring 2,300 sq ft. Taking the total money involved to Rs 275.14 crore. All the figures quoted are after DNA reviewed the registration documents concerning the bungalow, available from the registration office.

An approximate of Rs 13 crore has been paid as the stamp duty for the registration of the document.

When contacted Kotak's confirmed the deal and a statement from them read, "Kotak Family Office invests across sectors. Kotak family office has invested in an asset at Worli, Mumbai and in companies which own or are tenants of individual flats located in the asset", Rohit Rao, Spokesperson, Kotak Family Office.

A realtor from Worli said, "Finding a bungalow plot is difficult in Mumbai and that too in this area, bungalows have a sentimental value too, and hence this heavy price for it. The price is not a benchmark for the area."