D’Mart’s Damani reportedly buys 28 luxury apartments for over Rs 1,200 crore; India's largest real estate deal?

Billionaire Radhakishan Damani is reportedly spending some serious cash on accumulating as many as 28 luxury apartments for around Rs 1,238 crore purported as one of India’s largest real estate deals, as reported by Moneycontrol via registration documents accessed on Zapkey.

Interestingly, the deal has come right around a major provision change mentioned in the 2023 budget that is supposed to go live on April 1. It will impose a Rs 10 crore cap on the reinvestment of capital gains from the sale of housing property. The deal shouldn't be affected by it as currently there are no such limits or provisions.

According to the documents, the transactions were registered on February 3 with a total carpet area amounting to 1,82,084 square feet in different areas of Mumbai.

The uber-luxury property segment is expected to undergo major changes due to the upcoming rule change. “We can expect many more luxury home deals to be registered before March 31, 2023, before the new provision kicks in,” said Sandeep Reddy, Zapkey founder told Moneycontrol.

Radhakishan Damani

Damani is a well-known Indian billionaire and investor. He is best known for being the founder of the retail giant, D-Mart, and is considered to be one of the wealthiest individuals in India.

Born in 1954 in Mumbai, Damani had humble beginnings and started his career as a small-time stock trader. Over the years, he built his wealth through wise investments in the stock market and other businesses. In 2002, he founded D-Mart, a chain of supermarkets that has since become one of the largest retailers in India, with over 300 stores across the country.

Damani is known for his low-profile and frugal lifestyle, and is often referred to as the "Warren Buffett of India." He is known for his value-oriented approach to investing and his focus on long-term growth.

In recent years, Damani's wealth has grown significantly, and he is now worth an estimated $15.5 billion, according to Forbes.

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