Radhakishan Damani, the billionaire businessman and founder of DMart, and his brother Gopikishan Damani have purchased a Rs 1,001-crore home in Malabar Hill, a posh residential neighbourhood in South Mumbai. Damani paid Rs 30 crore in stamp duty for the 5,752 square metre land, according to a document filed with the Maharashtra government’s Department of Registration and Stamps.
According to a report by Financial Express Online, the registration date was March 31, 2021. The new house was purchased from Saurabh Mehta, Varsha Mehta, and Jayesh Shah by Radhakishan Damani, who also owns a property on Mumbai’s Altamount Road – the Indian equivalent of London’s Billionaires’ Row.
According to the Hurun India Rich List 2021, Radhakishan Damani was the eighth richest Indian, with a net worth of $14.5 billion. There are 209 billionaires in India, with 177 of them living in the country. Mukesh Ambani of Reliance Industries is the richest Indian, with a net worth of $85 billion.
Avenue Supermarts, which owns and operates DMart, posted an unaudited consolidated net profit increase of 16.3% year on year (YoY) to Rs 446.95 crore in the third quarter of fiscal year 2020-21. The profit of DMart for the quarter ending December 31, FY20 was Rs 384.01 crore. During the same time, the company’s total consolidated income increased by 11.3 percent, from Rs 6,815 crore to Rs 7,587.32 crore, while operating revenue was Rs 7,542 crore.