Radhakishan Damani, the founder of DMart, and his brother Gopikishan Damani have bought a luxurious home for a whopping Rs 1,001 crore in South Mumbai’s Malabar Hill.

Share Market Live

NSE

According to the documents filed with the Registration & Stamps Department of Maharashtra government on March 31, 2021, the billionaire retail chain owner has paid Rs 30 crore as stamp duty for the 5,752 sq. mt real estate property.

Reportedly, the bungalow called ‘Madhukunj’ is a ground-plus-two-storey structure and is spread over 1.5 acres. The property has a total built-up area of around 60,000 sq. ft. The market price based on the ready reckoner rate is Rs 724 crore.

The 67-year-old billionaire investor also owns a property at Mumbai's Altamount Road – the Indian version of the Billionaires' Row in London. He purchased the new house from Saurabh Mehta, Varsha Mehta, and Jayesh Shah.

Damani, recently, according to an ET report, purchased an 8-acre land parcel in Thane, Maharashtra, from Mondelez India, formerly Cadbury India, for nearly Rs 250 crore. The plot, located on Thane’s Pokharan Road 1, a key locality, reportedly has a total development potential of around 1 million sq. ft.

According to the Hurun India rich list 2021, the DMart founder was the 8th wealthiest Indian with a net worth of $14.5 billion. There are 209 Indian billionaires, of which 177 reside in the country. The richest Indian is Mukesh Ambani, with a net worth of $85 billion.

Avenue Supermarts, which owns and operates retail chain DMart reported a 16.3 percent year-on-year unaudited consolidated net profit surge to Rs 446.95 crore for the October-December quarter.

Also, DMart's profit for the December quarter of FY20 stood at Rs 384.01 crore. The firm's total consolidated revenue was up by 11.3 percent from Rs 6,815 crore to Rs 7,587.32 crore during the corresponding period, while operating earnings were Rs 7,542 crore Q3 FY21.