Retail investor Radhakrishnan Damani has purchased a new house worth Rs 1,000 crore in Mumbai’s Malabar Hill, one of the affluent areas in the city.
The 5752.22 sq ft house, which has a market value of Rs 724 crore, has been bought by Damani and his brother Gopikishan from Purachand Roychand & Sons, Pareshchand Roychand & Sons, Premchand Roychand & Sons.
Damani has paid Rs 30 crore for stamp duty for the property purchase. The property was purchased on March 31 this year.
Damani, who was raised in a one-room apartment in a Mumbai tenement block, controls Avenue Supermarts Ltd that owns popular retail chain D’Mart.
According to Forbes India’s rich list of 2020, Damani is the fourth richest Indian with a net worth of $15.4 billion.
After a brief setback due to the coronavirus pandemic, the real estate sector in Mumbai witnessed a boom in October last year after the property sales in the city saw a 112 per cent jump on a month-to-month basis.
Purchasing expensive properties in Mumbai is not a new deal for India’s top businessmen. In 2015, Poonawalla Group chairman Cyrus Poonawalla purchased the iconic Lincoln House for Rs 750 crore.