Meet Radhakishan Damani, the DMart founder who has bought Rs 1000 crore home at Mumbai’s Malabar Hill

Billionaire and DMart founder Radhakishan Damani has purchased a Rs 1,001-crore home in Mumbai’s Malabar Hill. Radhakishan Damani has purchased the lavish home along with his brother Gopikishan Damani

The document filed with the Department of Registration & Stamps, Government of Maharashtra, showed that Damani has paid Rs 30 crore in stamp duty for the 5,752 square meter property. It is learnt that the sprawling bungalow was registered on March 31, 2021. Radhakishan Damani also also owns a property at Mumbai’s upscale Altamount Road. Damani has purchased the Rs 1000 crore proeprty from Saurabh Mehta, Varsha Mehta, and Jayesh Shah.

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. Jayesh Shah is the partner at Premchand Roychand & Sons LLP Partner Eknath Project LLP.

According to the Hurun India Rich List 2021, Damani was the eighth richest Indian with a net worth of USD 14.5 billion. Avenue Supermarts, which owns and operates DMart, had registered 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.