Mumbai: DMart promoter Radhakishan Damani buys SoBo property for record Rs 1,001 cr

On a day when the Maharashtra government ended the waiver in stamp duty on March 31, DMart promoter Radhakishan Damani along with his brother Gopikishan Damani has purchased a residential property in South Mumbai’s Malabar Hill for a record Rs 1,001 crore.

The property has an area of 5752.22 sq mt. The billionaire investor has paid Rs 1,61,728 per sq ft for a two-story building making the most expensive residential property deal in India in recent years.

Free Press Journal is in possession of document of property registration and payment of a stamp duty of Rs 30 crore at 3 per cent rate on March 31. It was paid at the Old Customs House in South Mumbai.

According to the document number 3089/2021, Damani has paid the stamp duty and registration charges. Incidentally, the state government’s rebate in stamp duty ended on the same day as it has not extended beyond March 31 despite repeated representations from the real estate industry.

As per the state government's ready reckoner rates, the value of the property is Rs 723.98 crore.

Damani could not be contacted for his comments.

Radhakishan Damani, who also owns a property at Mumbai’s Altamount Road, purchased the new house from Saurabh Mehta, Varsha Mehta, and Jayesh Shah.

Recently, Avenue Supermarts, which owns retail chain DMart, had bought two floors of 39,000 sq ft carpet area in the Wadhwa Group’s under construction project in Mumbai for Rs 113 crore.

Again, Damani is believed to have acquired an 8-acre land parcel recently in Thane from Mondelez India, formerly Cadbury India, for nearly Rs 250 crore.

Avenue Supermarts had reported a 16.3 per cent year-on-year (YoY) unaudited consolidated net profit jump to Rs 446.95 crore for the third quarter of the financial year 2020-21. DMart's profit for the quarter ended December 31, FY20 stood at Rs 384.01 crore.

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