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What does Damanis spend Rs 1.500 crore for in Worli.

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Radhakishan Shivkishan Damani is an Indian business entrepreneur and wealthy investor who founded Avenue Supermarts Limited. Bright Star Investments Limited, his investment firm, also administers his portfolio.

In India’s financial hub, Mumbai, 23 luxury homes in a high-end residential project were sold for Rs 1,200 crore. According to the Times of India (TOI), the flats were purchased by Radhakishan Damani’s family, relatives, and acquaintances. Sudhakar Shetty, a businessman-builder who co-created the Three Sixty West complex on Dr Annie Besant Road with builder Vikas Oberoi, sold these flats.

Shetty used the revenues from the sale of 23 properties to repay Piramal Finance liabilities totaling Rs 1,000 crore. According to sources, the loan has now been returned. Shetty still owes Rs 400 crore to the Hong Kong-based asset management firm SC Lowy.

Each unit is approximately 5,000 square feet and was sold for Rs 50-60 crore. Previously, similar residences were sold for Rs 75-80 crore.

The mixed-use development includes two towers. The Ritz-Carlton hotel will be housed in one, and premium homes managed by Ritz-Carlton will be housed in the other.

“For the past four to five months, Shetty and Damani’s friends and colleagues have been negotiating. On Friday, the bulk transaction was eventually registered “A source close to the situation told TOI.

Damanis has bought prestigious properties over the years. Radhakishan Damani and his brother Gopikishan paid Rs 1,001 crore for a mansion on Narayan Dabholkar Road in south Mumbai in 2021. It was dubbed India’s largest residential property transaction. Madhu Kunj is a 1.5-acre house in Malabar Hill with a built-up size of more than 60,000 square feet.

Damani’s Avenue Supermarts has purchased five properties in and around Mumbai, comprising retail space and land parcels valued over Rs 1,000 crore. Sunteck Realty has also purchased retail space worth approximately Rs 100 crore for its forthcoming project, Sunteck City, in Goregaon.

The Damanis bought the sea-view flats from the Sahana Group, which collaborated with Oberoi Realty to build them in the Three Sixty West development on Dr Annie Besant Road.

The multi-use development consists of two towers. In one, the Ritz-Carlton hotel will be located, while in the other, the Ritz-Carlton will manage premium apartments. According to the individuals previously stated, Oberoi Realty purchased 63 homes in the property from the Sahana Group in a buyout agreement worth more than Rs 3,400 crore.

It’s worth noting that the deal revolved around a large provision change outlined in the 2023 budget, which is slated to take effect on April 1. The amount of capital gains that can be reinvested from the sale of a residential property would be limited to Rs 10 crore. It should have no bearing on the transaction because there are currently no such limits or conditions.

Damani, Radhakishan

Indian billionaire investor Damani is a well-known figure. He is regarded as one of India’s wealthiest individuals and is best known for launching the retail juggernaut D-Mart.

Damani, who was born in 1954 in Mumbai, came from humble roots and began his career as a part-time stock dealer.

He accumulated wealth over time by making wise investments in the stock market and other ventures. In 2002, he founded the supermarket chain D-Mart, which has since grown to become one of India’s largest stores, with over 300 locations.

He is sometimes referred to as the “Warren Buffett of India” because to his low-key and frugal lifestyle. He is well-known for his long-term growth strategy and value-oriented investment style.

Damani’s fortune has grown considerably in recent years, and he is now estimated to be worth $15.5 billion, according to Forbes.

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