DMart’s Radhakishan Damani purchases bungalow Worth Rs 1,000 Crore at Mumbai’s Malabar Hill

Radhakishan Damani - Dmart
Radhakishan Damani - D'Mart Founder

Retail investor and DMart founder Radhakishan Damani and his brother Gopikishan Damani have bought a new house worth Rs 1,001 crore house from Purachand Roychand & Sons in Malabar Hill, a posh residential neighborhood in South Mumbai.

Radhakishan Damani was raised in a one-room tenement block in a Mumbai and runs D’mart, popular retail chain. Currently, Radhakishan Damani live in Prithvi Apartment, Altamount Road, South Mumbai.

This real estate deal is one of the most expensive in the country’s residential real estate market.

Radhakishan Damani paid Rs 30 crore in stamp duty for 5,752 square meters of land, according to a Maharashtra government registration department document.

As per the Maharashtra government’s ready reckoner, Madhukunj, is a two-storey bungalow measuring 61,916.3 square feet.

The registration date was March 31, 2021 of the property, Madhukunj. The new house is located in South Mumbai’s Malabar Hill at Narayan Dabholkar Road.

The new bungalow was bought by Varsha Mehta, Saurabh Mehta, and Jayesh Shah by Radhakishan Damani, who owns a property on Altamount Road in Mumbai – the Indian equivalent of London’s Billionaires’ Row.

In India, there are 209 billionaires, of which 177 live in the country. Radhakishan Damani was the eighth richest Indian with assets of $ 14.5 billion, according to the Hurun India Rich List 2021. Mukesh Ambani, Chairman and Managing director of Reliance Industries is the richest Indian with a net worth of $ 85 billion.

Purchasing expensive house in Mumbai is not a new deal for India’s top entrepreneur. In 2015, Cyrus Poonawalla, chairman of Poonawalla Group purchased the iconic Lincoln House for Rs 750 crore.

DMart had a profit of Rs 384.01 crore for the quarter ended 31 December. Avenue Supermarts reported unaudited consolidated net profit growth of 16.3% year-on-year (yo) in the third quarter of FY 2020-21.

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The company’s total consolidated income grew to Rs 7,587.32 crore from Rs 6,815 crore, Operating income of D’mart was Rs 7,542 crore.