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Billionaire investor, Avenue Supermarts’ (DMart) founder and CEO, Radhakishan Damani has added another expensive asset to his real-estate portfolio: a house worth Rs 1,001 crores. It is touted to be the most expensive house purchased in India in 2021. The businessman who today has a net worth of approximately Rs 21,300 crores, was ranked the 61st richest person in the world by Bloomberg Billionaire Index in 2021. While Damani was all over the news for the astounding surge in DMart’s share price during the Covid-lockdown in 2020, he first shot to fame as India's retail king after the March 2017 IPO of his supermarket chain Avenue Supermart.
His journey to building a retail behemoth started in 2002 with one store in Powai, Mumbai. Today, DMart has established its presence in 294 locations across Maharashtra, Gujarat, Andhra Pradesh, Madhya Pradesh, Karnataka, Telangana, Chhattisgarh, NCR, Tamil Nadu, Punjab and Rajasthan.
Last year, he also made it to the Hurun India Rich List 2021 and was among the richest Indian billionaires. Talking about his corporation, Avenue Supermarts (the company that owns and operates DMart stores) reported a 490.30 per cent yearly rise in standalone net profit at Rs 680 crore for the June quarter compared to Rs 115 crore in the same quarter last year, according to the Economic Times. The consolidated revenues rose to Rs 10,038 crore, as compared to Rs 5,183 crore in the same period last year, according to the report.
With exponential growth in his business, Radhakishan Damani has diversified his business pool and invested crores in various other business sectors like tobacco firm VST Industries, India Cements, Sundaram Finance, United Breweries, 3M India Ltd, Metropolis Healthcare and more, according to 5paisa.
Even among his fruitful investments across sectors, it is clear Damani has a special love for real estate: His latest house, for which he has splashed out Rs 1001 crore, is located in Mumbai’s Malabar Hill, making him 2021’s top buyer for a standalone home. Here are all the details.
Radhakishan Damani’s home costs Rs 1001; here’s everything you need to know about one of the country's costliest homes
Located on Mumbai’s Narayan Dabholkar Road on Malabar Hill, in one of the city’s toniest localities, brothers Radhakishan and Gopikishan Damani purchased the house from Saurabh Mehta, Varsha Mehta, and Jayesh Shah, trustees and business partners at Premchand Roychand & Sons LLC Partner Phoenix Family Trust. Spread across 5752.22 square meters or 61,916 square feet, the market value of the house was Rs 724 crores. Stamp duty of Rs 30 crore was paid to purchase this property.
The two-storey bungalow is reportedly 90 years old and the businessman paid Rs 1,61,670 per square foot. However, the apartments in this area cost around Rs 70,000-Rs 80,000 per square feet, according to Sqaureyard.
Stock guru Damani also owns a property at Mumbai’s Altamount Road and some time ago, Avenue Supermarts also bought two floors spread across 39,000 sq ft in an under-construction project in Mumbai by the Wadhwa Group for Rs 113 crore, according to Business Standard. Other than this, last year he also purchased an 8-acre land parcel in Thane from Mondelez India (formerly Cadbury India) for approximately Rs 250 crore. He has also acquired Radisson Blu Resort in Alibaug which consists of 156 rooms for Rs 135 crores, per Economic Times.
Over the last couple of years, during Covid, a surge in expensive real-estate deals was seen with many celebrities and billionaires investing in residential properties.
