Damanis purchase 24 luxury properties worth ₹1,500 crore in Mumbai's Worli
In April 2021, Radhakishan Damani, the founder of DMart retail chain, made the largest single residential transaction in the country's history by purchasing a bungalow in Mumbai's Malabar Hill for ₹1,001 crore
PremiumAfter making the largest single residential transaction in the country's history by purchasing a bungalow in Mumbai's Malabar Hill for ₹1,001 crore, DMart retail chain founder Radhakishan Damani and his family made a huge residential real-estate deal by purchasing 24 luxury apartments worth INR 1,500 crore in Mumbai's Worli locality, according to sources close to the transaction. This deal, as reported by The Economic Times, stands to be the largest residential portfolio deal in the country to date.
The Damanis' sea-view apartments are located in the Three Sixty West project on Dr Annie Besant Road and were purchased from the Sahana Group, who had formed a joint venture with Oberoi Realty to develop the property.
According to the same sources, the mixed-use development consists of two towers, one housing the Ritz-Carlton hotel and the other luxury residences managed by Ritz-Carlton. Oberoi Realty has also reportedly bought 63 apartments in the project from the Sahana Group for over INR 3,400 crore as part of a buyout deal.
Most of these transactions were registered on Friday and few more that have been concluded will be registered early next week according to The Economic Times.
Mint could not independently confirm the developments
In 2020, Oberoi Realty acquired Sahana Group's stake in the hospitality project via its subsidiary Evenstar Hotels. The acquisition was made for a sum of ₹1,040 crore and involved the acquisition of 50% rights in the 221-key luxury hotel property.
In April 2021, Radhakishan Damani, the founder of DMart retail chain, made the largest single residential transaction in the country's history by purchasing a bungalow in Mumbai's Malabar Hill for ₹1,001 crore. He was accompanied by his younger brother, Gopikishan Damani, in this purchase.
In recent years, Damani and Avenue Supermarts have acquired several properties in India's major cities that have emerged as major consumption centres.
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