Radhakishan Damani, a billionaire investor and founder of D-Mart, has bought the most expensive house in the country so far. Damani has bought a Rs 1,001 crore house in Malabar Hills, a posh area in south Mumbai. Damani, along with his younger brother Gopikishan Damani, bought this property. The ground plus two-storey bungalow is spread over an area of more than 1.5 acres on the ‘Madhukunj’ Narayan Dabholkar Marg and has a total built up area of about 60,000 sq ft. It has a market value of Rs 724 crore based on ready reckoner rate. According to documents seen by ET, the deal took place this week and Damani’s family office paid Rs 30 crore as stamp duty.
However, it was not clear whether this property will be redeveloped or the family will use the existing structure as a residence. Damani did not reply to ET’s email regarding this. Damani has signed a third major deal for the property in the last two months. ET on Thursday broke the story that Damani’s family office has bought 8 acres of land in Thane from Mondelese India (formerly Cadbury India). The deal has been done for around Rs 250 crore. ET had reported on 19 March that Damani’s retail chain DeMart had bought two floors at Wadhwa Group’s Project The Epicenter in Chembur for Rs 113 crore. They are spread over 39,000 sq ft.
In recent years, many bungalows in South Mumbai have become multi-storeyed buildings. Many industrialists and rich people of the country are buying bungalows here for their personal use. In 2015, industrialist Kumar Mangalam Birla made a bid of Rs 425 crore for Jatiya House spread over 30,000 sq ft at Malabar Hill. He broke the record of Maheshwari House, which sold for Rs 400 crore in 2012. Soon after, Poonawalla Group Chairman Cyrus Poonawalla had bid Rs 750 crore for the American Consulate’s Lincoln House in Breach Candy. At that time it was the most expensive deal for a bungalow in the country. In 2014, the Godrej family bought the bungalow of Homi Bhabha, the father of the country’s nuclear program, Mehrangir for Rs 372 crore.