Investor Radhakishan Damani has just completed the purchase of a home worth ₹1,000 crores at the city’s Malabar Hill locality, known to be one of the prosperous regions of Mumbai. This home is spread across 5752.22 square feet of space and reportedly has a market value of ₹724 crores.
The home was purchased on March 31 by Damani and his brother Gopikishan from previous owners Purachand Roychand & Sons, Pareshchand Roychand & Sons, and Premchand Roychand & Sons.
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A total of ₹30 crores has been paid by Damani as stamp duty for the property, a report says. Damani is an investor and entrepreneur, known for heading Avenue Supermarts Ltd which owns retail giant DMart. Forbes’ list of rich Indians of 2020 puts Damani in fourth place with a total net worth of $15.4 billion.
The real estate market was severely impacted by the coronavirus pandemic. However, the market picked up pace in October 2020 thanks in part to the stamp duty reductions announced by the state government.
On the flip side, low and middle-income households have found themselves in a tough situation during the pandemic owing to salary cuts or lack of employment.
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