At Rs 1,500 Crore, D¡¯Mart Founder Radhakishan Damani Seals India's Largest Residential Portfolio Deal

After already making the largest single residential transaction in the country's history by purchasing a bungalow in Mumbai's Malabar Hill for Rs 1,001 crore in 2021, DMart founder Radhakishan Damani now holds another record.

Biggest Residential portfolio Deal In India

Times Now

DMart retail chain founder Radhakishan Damani and his family have purchased 24 luxury apartments worth about Rs 1,500 crore in a super-premium project in Mumbai's Worli locality, people aware of the transaction said.

This would be India's largest residential portfolio deal to date, as per ET. Radhakishan Damani currently has a net worth of $16.7 billion, as per Bloomberg billionaire index.

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24 Luxury Apartments Bought

The Damanis' sea-view apartments are in the Three Sixty West project on Dr Annie Besant Road and were purchased from the Sahana Group, which had formed a joint venture with Oberoi Realty to develop the property.

ET/agenices

The total carpet area bought in this mega deal is reportedly 1,82,084 square feet, including 101 car parks. Most of the apartments have a carpet area of 5,000 sq ft and cost Rs 40-50 crore on average.

The mixed-use development has two towers. One will house the Ritz-Carlton hotel and the other will have luxury residences managed by Ritz-Carlton "Most of these transactions were registered on Friday (3rd February 2023) and a few more that have been concluded will be registered early next week," said one of the persons aware of the matter, as per ET.

Mega Deal After Budget 2023 Announcement

Interestingly, the mega deal has come right after a major provision change announced in last week's Budget 2023, which is supposed to get into effect from April 1.

Budget 2023 has proposed to impose a Rs 10 crore cap on the reinvestment of capital gains from the sale of housing property. As per various media reports, this mega deal by Damani shouldn't be affected by it as currently there are no such limits or provisions.

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