Realty show: Damani, DMart snap Up Prime Properties

Real estate – rather, its cation – was at the core of the brick-and-mortar business Radhakishan Damani founded two decades ago. In the most expensive residential property deal in the country in recent years, stock market icon and promoter of DMart Radhakishan Damani along with his brother Gopikishan Damani has purchased a residential property at South Mumbai’s Malabar Hill for Rs 1,001 crore.

According to documents seen by Business Standard, the property has an area of 5,752.22 square metres or 61,916 square feet. So the billionaire investor paid Rs 1,61,670 per sq ft, making it the most expensive residential property deal in the country in recent years.

The two storey property was registered on March 31.

As per the state government’s ready reckoner rates, the value of the property is Rs 723.98 crore.

As per the documents, Damanis paid a stamp duty of Rs 30 crore for the property.

Damani could not be contacted immediately for comments.

Radhakishan Damani, who also owns a property at Mumbai’s Altamount Road, purchased the new house from Saurabh Mehta, Varsha Mehta, and Jayesh Shah.

Recently, Avenue Supermarts, which owns retail chain DMart, bought two floors of 39,000 sq. ft carpet area in the Wadhwa Group’s under construction project in Mumbai for Rs 113 crore.

Recently, Damani also reporterdly acquired an 8-acre land parcel in Thane from Mondelez India, formerly Cadbury India, for nearly Rs 250 crore.