D-Mart’s Radhakishan Damani Executes Largest Ever Residential Deal In India; Buys Malabar Hill House For Rs 1,001 Cr

Billionaire investor and founder of retail chain D-Mart, Radhakishan Damani along with his brother Gopikishan Damani have executed the largest ever residential transaction anywhere in India to date, buying a bungalow in South Mumbai's Malabar Hill locality for a whopping Rs 1,001 crore, reports Economic Times.

The two-storey residential bungalow property is spread over an area of 1.5 acres and has a built-up area of whopping 60,000 square feet. The deal for the bungalow was executed earlier this week and Damani's family office has paid a stamp duty of Rs 30 crore for the same.

It should be noted that it is presently not known if the property will be used by the family as its residence and if it will be redeveloped.

In 2020, Damani's family office had also bought an eight-acre big land parcel in Thane from Mondelez India for a price of Rs Rs 250 crore.

On bygone 19 March, Damani's retail chain D-Mart had also spent over Rs 113 crore to buy two floors spread over 39,000 square feet in an upcoming project called The Epicentre in Chembur's suburbs. The project is being developed by realty major Wadhwa Group.