By Apurva Bhatt

Uday Kotak, executive vice-chairman and managing director of Kotak Mahindra Bank has purchased a sprawling 11,000 sq ft flat in the commercial business district of Bandra-Kurla Complex (BKC) for close to Rs 55 crore. The deal works out to around Rs 55,000 per sq ft.

The bank's registered office is also in BKC, and it makes sense for Kotak to have a residence a stone's throw away. The almost-finished residential building and the bank office is in the same G Block.

At present, the Kotaks live at NCPA building at Nariman Point. Last year, Kotak was listed as the 15th richest Indian by Forbes magazine with an estimated wealth of $ 7.8 billion.

BKC is now become an enclave where industrialists, high-net worth individuals and some of the biggest names in the corporate have booked luxury apartments.

BKC currently has just three residential projects adding up to 220 units.