Damani brothers, founder of Demart, the biggest property deal, bought a Rs 1,000 crore bungalow in Mumbai.

New delhi date. Sunday, April 4, 2021

Radhakishan Damani, founder of the Demart super store chain, and his brother Gopikishan Damani have bought a bungalow in Mumbai for about Rs 1,000 crore.

This is by far the largest property transaction for residential property in the country. The bungalow bought by the Damani brothers is located on Narayan Dabholkar Road in South Mumbai. According to property market sources, the bungalow named Madhu Kunj has heritage construction and is spread over an area of ​​1.5 acres and is constructed in an area of ​​60000 square feet.

The two-story bungalow is about 90 years old. The Damani brothers have also paid a stamp duty of Rs 30 crore to buy the bungalow. However, it is not yet known whether they will demolish the bungalow and build a tower here. According to an English newspaper report, the bungalow belonged to the Premchand Roychand family. Who is one of the oldest merchants in the city. It was this family that built the famous Rajabai Tower in Mumbai.

The area where this bungalow is located is considered to be the most expensive area in Mumbai. Where the cost of an apartment is also Rs 70,000 per square foot. Experts believe that the trend of buying property at high prices by India's wealthiest families is not new in Mumbai's posh locality. The Ambani family, the Singhania family and the Piramal Group are examples. The price of an acre of land in Malabar Hill is around Rs 400 crore.

Earlier in 2014, the Godrej family bought Homi Bhabha's bungalow in the Malabar Hill area for Rs 372 crore. Then in 2015, Adar Poonawala, the founder of the Serum Institute, struck a deal to buy the property where the former US consulate was located for Rs 750 crore. However the deal was later canceled.