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D Mart retail chain founder Radhakishan Damani and his family have bought 24 luxury apartments worth ₹1,500 crore in the super-premium project Mumbai‘S Worli People aware of the transactions in the area said, what will be the biggest in the country residential Portfolio deal to date.
Damaniya has sea view apartments three sixty west The project on Annie Besant Road was bought from Sahana Group, which formed a joint venture with Oberoi Realty to develop the property.
The mixed use development consists of two towers. One will have a Ritz-Carlton hotel and the other will have luxury residences managed by the Ritz-Carlton. The people cited earlier also said that Oberoi Realty has bought 63 apartments in the project from the Sahana Group as part of a deal worth over ₹3,400 crore. “Most of these transactions were registered on Friday and some more will be registered early next week,” said a source.
The Sahana Group did not comment on the sale of the apartment to the Damanis and Oberoi Realty, but said the joint venture has not been dissolved. Damani and Oberoi Realty did not respond to queries.
In 2020, Oberoi Realty bought Sahana Group’s stake in a hospitality project being done here through Oasis Realty.
The developer’s wholly-owned subsidiary EvenStar Hotels had paid ₹1,040 crore to acquire Sahana Group’s 50% rights in the 221-major luxury hotel property.
In April 2021, in the largest single residential transaction anywhere in the country, Damani bought a bungalow in south Mumbai’s Malabar Hill area for ₹1,001 crore.
He along with his younger brother Gopikishan Damani had bought this property. Over the years, Damani and his company, Avenue SupermartsHas bought several properties in major Indian cities that have emerged as major consumption centres.
On the business front too, Damani is collecting property. In Mumbai, Avenue Supermarts has bought five properties including retail space and land parcel worth over ₹1,000 crore, including an eight-acre land parcel in Thane from Mondelez India.
It has also acquired a retail space of around ₹100 crore suntec Realty in its upcoming project, Sunteck City, in Mumbai’s Goregaon suburb.
Apart from Mumbai, the retail chain has acquired two properties in Hyderabad, one each in Bengaluru and Pune. The total value of these deals, apart from Damani’s personal wealth, is over ₹3,600 crore.
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