Smart Digital Khabar: D’Mart’s Damani Buys 28 Luxury Apartments for Whopping Rs 1,238 Crore in India’s Largest Real Estate Deal

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Notable, the deal comes around a provision in the 2023 Budget announced a few days back that was expected to have an impact on the sale of uber luxury properties from April 1.

D'Mart's Damani Buys 28 Luxury Apartments for Whopping Rs 1,238 Crore in India’s Largest Real Estate Deal — D’Mart’s Damani Buys 28 Luxury Apartments for Whopping Rs 1,238 Crore in India’s Largest Real Estate Deal

New Delhi: In what can be termed one of India’s largest real estate deals, Radhakishan Damani, a well-known Indian billionaire and investor, has reportedly bought as many as 28 housing units worth Rs 1,238 crore in Mumbai. As per a Moneycontrol report via registration documents accessed on Zapkey, the apartments have been acquired by Damani’s family members and associates.

Notably, the deal comes around a provision in the 2023 Budget announced a few days back that was expected to have an impact on the sale of uber luxury properties from April 1. It will impose a Rs 10 crore cap on the reinvestment of capital gains from the sale of housing property. The deal shouldn’t be affected by it as currently there are no such limits or provisions.

According to the report, the total carpet area bought by one of India’s top retailers, his associates and companies amounts to 1,82,084 square feet, including 101 car parks. The transactions were registered on February 3.

“We can expect many more luxury home deals to be registered before March 31, 2023, before the new provision kicks in,” Sandeep Reddy, Zapkey founder told Moneycontrol.

The report further adds that the buyers have purchased the apartments in Tower B of Three Sixty West located on Annie Besant Road in Worli, Mumbai. The seller is builder Sudhakar Shetty, who had partnered with real estate developer Vikas Oberoi to redevelop the project.

Who is Radhakishan Damani?

Radhakishan Damani is a well-known Indian billionaire and investor who became India’s retail king after the March 2017 IPO of his supermarket chain Avenue Supermart
In 2002, Damani got into retailing with only one store in suburban Mumbai
Today he has 294 DMart stores across India
Damani also holds stakes in a range of companies, from tobacco firm VST Industries to cement producer India Cements
His property portfolio includes the 156-room Radisson Blu Resort in Alibaug, a popular beachfront getaway close to Mumbai

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