In what is being considered as the largest residential property transaction in Indian history, DMart founder Radhakishan Damani, purchased a property in Mumbai for Rs 1,001 crore.
According to a report published by Business Standard, the property has an area of 5,752.22 square metres.
The DMart founder made the purchase along with his brother Gopikishna Damani, reports claimed.
The property is located at South Mumbai’s Malabar Hill and it is a two-storey bungalow.
According to reports, the current market price of the property amounts to around Rs 724 crore. The Damanis have paid a stamp duty of Rs 30 crore for the bungalow, reports claimed.
The siblings have reportedly purchased the property from the partners of Purachand Roychand & Sons LLP, Pareshchand Roychand & Sons LLP and Premchand Roychand & Sons LLP. They are the descendants of businessman Premchand Roychand, commonly known as ‘Cotton King’.
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