In perhaps the biggest residential property transaction in the country, DMart founder Radhakishan Damani and his brother Gopikishan Damani purchased a residential property in South Mumbai’s Malabar Hill for a record of Rs 1,001 crore on March 31, the day the Maharashtra government ended the stamp duty waiver. The property has an area of 5752.22 sq mt. The billionaire paid Rs 1,61,728 per square foot for a two-story home, making it India’s most expensive residential property transaction in recent years.
On March 31, the Free Press Journal received a document confirming the registration of a property and the payment of stamp duty of Rs 30 crore at a rate of 3%. It was paid at the South Mumbai’s Old Customs House.
Damani has paid the stamp duty and registration charges, according to document number 3089/2021. Interestingly, the state government’s stamp duty rebate ended on the same day, and despite repeated requests from the real estate industry, it’s not extended beyond March 31.
As per the state government’s ready reckoner rates, the property worth Rs 723.98 crore.
Damani could not be contacted for his comments.
Radhakishan Damani, who also owns a property at Altamount Road, Mumbai purchased the new house from Varsha Mehta, Saurabh Mehta, and Jayesh Shah.
This property belonged to the Premchand Roychand family of Mumbai. According to a person familiar with the family, it is one of the city’s oldest mercantile families, whose ancestors designed the Venetian Gothic Rajabai Clock Tower at Fort in the 19th century.
The bungalow is located on the corner of Narayan Dhabolkar Road, one of Mumbai’s most exclusive and expensive residential areas, where apartments cost between Rs 70,000 and Rs 80,000 per square foot, depending on the building. Several state ministers’ bungalows, such as Shivgiri, Ramtek, and Meghdoot, are also located in the VIP neighborhood.
The DMart’s profit for the quarter ended on December 31 & it stood at Rs 384.01 crore.