Damani's close associates buy 23 flats for Rs 1,200 crore in Mumbai: Report

Each apartment is about 5,000 sq ft in size and has been sold for Rs 50-60 crore

23 luxury homes in a high-end residential project have been sold for Rs 1,200 crore in India's financial capital, Mumbai. The flats were bought by family, relatives and friends of DMart founder Radhakishan Damani, a report by the Times of India (TOI) said. These flats were sold by Sudhakar Shetty, a businessman-builder who had made the Three Sixty West project on Dr Annie Besant Road with builder Vikas Oberoi. 

 

Shetty has used the proceeds from the sale of 23 flats to repay Rs 1,000 crore worth of loans to Piramal Finance. TOI quoted sources as saying that the loan has now been repaid. Shetty still has to pay Rs 400 crore to Hong Kong-based asset management group SC Lowy. 

 

Each apartment is about 5,000 sq ft and has been sold for Rs 50-60 crore. Earlier, some of the similar apartments were sold at Rs 75-80 crore. 

 

The mixed-use project has two towers. One will house the Ritz-Carlton hotel, and the other will have luxury residences managed by Ritz-Carlton.

 

"Negotiations between Shetty and Damani's friends and associates were going on for the past four to five months. The bulk transaction was finally registered on Friday," a person aware of the matter told TOI. 

 

Damanis have acquired marquee properties over the years. In 2021, Radhakishan Damani and his brother Gopikishan purchased a bungalow property at Narayan Dabholkar Road in south Mumbai for Rs 1,001 crore. It was deemed the biggest residential property transaction in India. The bungalow named Madhu Kunj is located on a 1.5-acre land with a built-up area of more than 60,000 sq ft in tony Malabar Hill.

 

Damani's Avenue Supermarts has recently bought five properties, including retail space and land parcels worth over Rs 1,000 crore in and around Mumbai. It has also acquired retail space worth around Rs 100 crore from Sunteck Realty at its upcoming project, Sunteck City, in Goregaon.