In India’s biggest real estate transaction, D’Mart’s Damani spends a hefty Rs 1,238 crore on 28 premium apartments in Mumbai, with most purchases made by family members and associates of D’Mart. Significantly, the agreement revolves around a clause in the 2023 Budget unveiled a few days ago and was anticipated to affect the selling of ultra-luxury houses effective from April 1.
Surprisingly, this is DMart’s owner’s second big purchase in real estate since 2020. Radhakishan Damani acquired seven real estate holdings worth Rs. 400 crores during the pandemic.
Who is Radhakishan Damani?
Radhakishan Damani is a renowned Indian investor and billionaire who became the country’s retail king in March 2017 when his grocery chain Avenue Supermart went public. In 2002, Damani made his debut in the retail sector by starting a standalone outlet in Mumbai’s suburbs. Currently, he is the owner of 294 DMart outlets in India.
A notable beachfront resort with 156 rooms, Alibaug is one of his real estate assets. Damani also has stock in several companies, including India Cements and tobacco producer VST Industries.
Damani’s low-key and parsimonious lifestyle has led to his being compared to India’s Warren Buffett. He is well known for his commitment to long-term profitability and value investments.
Radhakrishna Damani’s House in Mumbai – Recent Purchase
DMart owner’s new houses in Mumbai are worth over 1200 crores. This purchase was followed soon after a clause in the Union Budget 2023 reported earlier that was anticipated to affect the sale of premium properties effective from April 1, 2023. The maximum value of the capital profit from purchasing the residential property may be retained is Rs 10 crore. Given that there aren’t any such constraints or stipulations, it shouldn’t affect the contract.
As per reports, numerous Radhakrishna Damani houses in Mumbai were also bought in the name of businesses. In total, 1,82,084 square feet of carpet area, including 101 parking spaces, were bought by one of India’s top retailers, his staff, and enterprises. All transactions were recorded on February 3, 2023.
All purchases were for apartments in Three Sixty West’s Tower B, located on Annie Besant Road in Mumbai’s Worli neighbourhood. The project’s refurbishment was co-financed by builder Sudhakar Shetty and property developer Vikas Oberoi. Each apartment is priced at approximately Rs 40 and Rs 50 crore and covers a carpet area of 5,000 square feet.
The residential project – Three Sixty West by Oberoi Realty comprises 4 and 5-bedroom apartments. It consists of two towers, one of which will host The Ritz-Carlton Hotel, while the other will house luxury residences run by the renowned hotel company. The 360-meter height and west-facing orientation of every apartment are likely how the sea-view project garnered its name.
Sudhakar Shetty, a partner in this project and owner of Skylark Buildcon, procured a loan of Rs 1,000 crore with a 72-month tenure and an interest rate of 14.22% from DHFL in 2019. As per the database, the Oberoi 360 West apartments were supplied as assurance. There are predictions that many more luxury home deals will be filed before March 31, 2023, soon after the new clause comes in.
