After making the largest single residential transaction in the country’s history by buying a bungalow in Mumbai’s Malabar Hill 1,001 crore, DMart retail chain founder Radhakishan Damani and his family made a huge residential real estate deal by buying 24 luxury apartments worth Rs 1,500 crore in Mumbai’s Worli area, according to sources close to the transaction. The deal, as reported by The Economic Times, is the largest residential portfolio deal in the country till date.
Damani’s sea view apartments are located in the Three Sixty West project on Dr Annie Besant Road and were bought from the Sahana Group. WHO Formed a joint venture with Oberoi Realty to develop the property.
According to the same source, the mixed-use development consists of two towers, one housing a Ritz-Carlton hotel and the other luxury residences managed by Ritz-Carlton. Oberoi Realty has reportedly bought 63 apartments in the project from the Sahana Group as part of a deal worth over Rs 3,400 crore.
According to The Economic Times, most of these transactions were registered on Friday and some more which have been concluded will be registered early next week.
Mint could not independently verify the developments
In 2020, oberoi realty Sahana Group’s stake in the hospitality project was acquired through its subsidiary Evenstar Hotels. was acquired for an amount of 1,040 crore and includes acquisition of 50% rights in 221 prime luxury hotel properties.
In April 2021, Radhakishan DamaniThe founder of DMart retail chain has made the biggest single residential transaction in the country’s history by buying a bungalow in Mumbai’s Malabar Hill. 1,001 crores. He was accompanied by his younger brother Gopikishan Damani in this purchase.
In recent years, Damani and Avenue Supermarts have acquired several properties in major cities of India that have emerged as major consumption centres.
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