Indian Investor Radhakrishnan Damai Buys Madhukunj Malabar Hill Bungalow for 1000 crores

Founder of DMart, Radhakishan Damani, has bought a property in South Mumbai worth ₹1,001 crore. Damani has purchased the property along with his brother Gopikishan Damani. It is one of the most expensive real estate transactions in the country’s residential real estate market. 

The property, Madhukunj, is a two-storey bungalow measuring 61,916.3 square feet. It is located in South Mumbai’s Malabar Hill area at Narayan Dabholkar Road. The market price of the property is ₹724 crore, according to the documents. Damani has paid a stamp duty of ₹30.03 crore. 

It makes Radhakrishnan Damani House Price 1001 crores.

Damani and his brother currently reside at Prithvi Apartment, Altamount Road, another upmarket area of South Mumbai, according to the documents. Damani has purchased the property from partners of Purachand Roychand & Sons LLP, Pareshchand Roychand & Sons LLP and Premchand Roychand & Sons LLP. The registration date of the property is 31 March 2021. Avenue Supermarts Ltd runs the DMart chain of retail stores in India.

It is unclear if the property will be rebuilt and redeveloped or Damanis will use it as their residence just like other billionaires.