DMart owner Radhakishan Damani buys Rs 1,000 crore bungalow in Mumbai’s Malabar Hill

Radhakishan Damani, the billionaire businessman and retail investor who owns the famous one-stop supermarket chain DMart, recently purchased a brand new bungalow worth Rs 1,000 crore in South Mumbai's Malabar Hill, as per reports. Damani and his brother Gopikishan Damani bought the property together.

DMart chain owner buys ₹1,001 crore bungalow in Mumbai

Reports suggest that Madhukunj is a two-story bungalow with 61,916.3 square feet of living space. It's on Narayan Dabholkar Road in the Malabar Hill. The property is reportedly valued at Rs 724 crore on the open market. Purachand Roychand & Sons LLP, Pareshchand Roychand & Sons LLP, and Premchand Roychand & Sons LLP have sold the property to Damani, as per reports which also suggest that Damani have completed the purchase on March 31, and for the two-storey home, the Damani brothers paid Rs 30 crore in stamp duty.

Radhakishan Damani's net worth

According to Forbes India's Top 10 Richest Indians of 2020 list, Damani has a net worth of $15.4 B. Forbes also noted that after the IPO of his supermarket chain Avenue Supermart in March 2017, the veteran Mumbai businessman became India's retail king. Damani began his retail career in 2002 with a single store in Mumbai's suburbs. He now owns 214 DMart stores in India. Damani is also a shareholder in a number of businesses, including tobacco company VST Industries and cement producer in India Cements. According to Forbes, the 156-room Radisson Blu Resort in Alibag, a famed beachfront getaway near Mumbai, is part of this property portfolio.

Picture Credit: PTI | Source: Forbes India