Radhakishan Damani’s Rs 1,000 crore home: DMart founder buys new property at Mumbai’s Malabar Hill

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Updated: April 03, 2021 3:41 PM

Radhakishan Damani, who also owns a property at Mumbai’s Altamount Road – the Indian version of the Billionaires’ Row in London, has paid Rs 30 crore in stamp duty for the 5,752 square meter property.

Radhakishan damani, Rakesh jhunjhunwalaRadhakishan Damani is a known value investor, whom Big Bull Rakesh Jhunjhunwala calls his guru.

Billionaire investor and founder of DMart Radhakishan Damani along with his brother Gopikishan Damani has purchased a Rs 1,001-crore home in South Mumbai’s upmarket residential neighbourhood Malabar Hill. According to the document filed with the Department of Registration & Stamps, Government of Maharashtra, Damani has paid Rs 30 crore in stamp duty for the 5,752 square meter property registered on March 31, 2021. Radhakishan Damani, who also owns a property at Mumbai’s Altamount Road – the Indian version of the Billionaires’ Row in London — purchased the new house from Saurabh Mehta, Varsha Mehta, and Jayesh Shah.

ALSO READ: There is more to DMart Founder Damani than his newly acquired Rs 1000 crore home in Mumbai

Saurabh Mehta is the trustee at Purachand Roychand & Sons LLP Partner Phoenix Family Trust; Premchand Roychand & Sons LLP Partner Madhu Family Trust; and partner at Premchand Roychand & Sons LLP Partner Premodyan LLP. Varsha Mehta is the trustee at Pareshchand Roychand & Sons LLP Partner Phoenix Family Trust; Premchand Roychand & Sons LLP Partner Madhu Family Trust as well, and partner at Premchand Roychand & Sons LLP Partner Premodyan LLP. On the other hand, Jayesh Shah is the partner at Premchand Roychand & Sons LLP Partner Eknath Project LLP.

Also read: India a key market, our numbers here speak for themselves: Surendra Rosha, CEO, HSBC India

Radhakishan Damani was the eighth richest Indian with a net worth of $14.5 billion, according to the Hurun India Rich List 2021. India has 209 billionaires, of which 177 live in India while Reliance’s Mukesh Ambani is currently the richest Indian with a net worth of $85 billion. Avenue Supermarts, which owns and operates DMart, 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. The total consolidated income for the company was also up 11.3 per cent from Rs 6,815 crore to Rs 7,587.32 crore during the said period while operating revenue was Rs 7,542 crore for Q3 FY21.

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