Billionaire Radhakishan Damani is reportedly spending some serious cash on accumulating as many as 28 luxury apartments for around Rs 1,238 crore, as reported by Moneycontrol via registration documents accessed on Zapkey. The deal is purported as one of India’s largest real estate deals.
According to the reported documents, the transactions were registered on Feb 3 with a total carpet area amounting to 1,82,084 square feet in different areas of Mumbai, stated the report. Most apartments are in Tower B of 360 West located on Annie Besant Road in Worli, Mumbai, having a carpet area of 5,000 sqft, and cost Rs 40-50 crore on average.
The seller is realty developer Sudhakar Shetty, who redeveloped the project in partnership with builder Vikas Oberoi.
Interestingly, the deal has come right around a major provision change mentioned in the 2023 budget that is supposed to go live on 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.
The uber-luxury property segment is expected to undergo major changes due to the upcoming rule change.
“We can expect many more luxury home deals to be registered before March 31, 2023, before the new provision kicks in,” said Sandeep Reddy, Zapkey founder told Moneycontrol.
Damani is the founder and chairman of DMart, a chain of retail stores in India that offers a wide range of household and personal items at low prices. He is also known for his investments in the Indian stock market and has been listed as one of the richest people in India.
In 2021, Damani and his investment firm Rare Enterprises launched Damani Real Estate Investment Trust (REIT), which focuses on investing in commercial and income-generating properties across India. Radhakishan Damani is known for his low-profile and secretive approach to business and investing, which has contributed to his reputation as a shrewd and successful investor.