Radhakishan Damani, an Indian billionaire and the founder and CEO of Avenue Supermarts (DMart), who has a massive net worth of Rs. 13,568 crores, made one of the biggest property deals of 2023. Along with his family members and associates, he has purchased 28 apartments worth Rs 1,238 crores in a premium residential property in South Mumbai, Money Control reported.
The documents accessed by Zapkey.com suggests that all the transactions were registered on February 3 — two days after the Union Budget 2023 was announced.
As per the report, the total carpet area purchased by Radhakishan Damani’s family and associates is around 1,82,084 square feet and includes more than 100 car parking spaces. You read that right!
The apartments are located in Mumbai’s Worli area. The flats at Three Sixty West society have a carpet area of 5,000 square feet. They cost between Rs 40 crore and Rs 50 crore approximately.
As per the Money Control report, the apartments were previously owned by Sudhakar Shetty, the founder, and chairman of Sahana Group.
The average price range of an apartment in Worli ranges between Rs 90,000 to Rs 1,05,000 per square foot, however, Radhakishan Damani’s deal was locked between Rs 65,000 – Rs 75,000, the Hindustan Times mentioned.
In 2021, Radhakishan Damani and his brother Gopikishan Damani bought a 90-year-old two storey bungalow in Mumbai’s Malabar Hill for Rs 1001 crore. The deal was completed at Rs 1,61,670 per square foot for the 5752.22 square meters property.
If you think that’s all, then Radhakishan Damani has managed to acquire seven properties worth approximately Rs 400 crore in the recent past, Money Control reported.
Talking about the biggest real estate deals in the country, Zapkey.com founder Sandeep Reddy told Hindustan Times, “We can expect many more luxury home deals to be registered before March 31, 2023, before the new provision kicks in.”
