Indian billionaire buys 90-year-old house for Rs 1,000 crore; 30 crore paid as stamp duty

Mumbai: Billionaire Radhakishan Damani, founder and billionaire of Demart, India’s largest supermarket chain, has bought a new home in Mumbai’s Malabar Hill. Radhakrishnan and his brother Gopikishan Damani bought a luxury house in Malabar Hill at a cost of Rs 1,001 crore. A stamp duty of Rs 30 crore was paid for a 5,752 sq m house. The registration was on March 31, 2021.

Radhakishan Damani bought the new home from Saurabh Mehta, Varsha Mehta and Jayesh Shah, trustee and business partners at Premchand Roychand & Sons LLC Partner Phoenix Family Trust. Built in the Art Deco style, the bungalow is at least 90 years old. Real estate owners say the biggest feature of a home with many heritage features is the open terrace and large compound.

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Radhakrishnan also owns another multi-crore bungalow on Altamount Road in Mumbai, home to some of India’s billionaires. Radhakishan Damani is the eighth richest Indian in the world according to the 2021 Huron Rich List. His net worth is $ 14.5 billion. The value of the Indian currency is about Rs 10 lakh crore.

Demart-owned Avenue Supermarkets reported a 16.3 per cent rise in net profit at Rs 446.95 crore in the third quarter of the 2020-21 financial year. For the quarter ended December 31, Demart posted a net profit of Rs 384.01 crore. Total consolidated revenue rose 11.3 per cent to Rs 7,587.32 crore from Rs 6,815 crore in the year-ago period.

There are a total of 209 billionaires in India. Of these, 177 live in India. Mukesh Ambani, Chairman and Founder of Reliance Industries Limited, is currently India’s largest billionaire. Mukesh Ambani has assets worth $ 85 billion (approximately Rs 62 lakh crore).