DMart retail chain founder Radhakishan Damani and his family have purchased 24 luxury apartments worth about ₹1,500 crore in a super-premium project in Mumbai’s Worli locality, people aware of the transaction said, in what would be the country’s largest residential portfolio deal till date.
The Damanis’ sea-view apartments are in the Three Sixty West project on Dr Annie Besant Road and were purchased from the Sahana Group, which had formed a joint venture with Oberoi Realty to develop the property.
The mixed-use development has two towers. One will house the Ritz-Carlton hotel and the other will have luxury residences managed by Ritz-Carlton. The people cited earlier also said that Oberoi Realty has bought 63 apartments in the project from the Sahana Group for over ₹3,400 crore as part of a buyout deal. “Most of these transactions were registered on Friday and few more that have been concluded will be registered early next week,” said one of the persons cited earlier.
Sahana Group did not comment on the sale of apartments to the Damanis and Oberoi Realty, but said the joint venture has not been dissolved. Damani and Oberoi Realty didn’t respond to queries.
In 2020, Oberoi Realty had bought out Sahana Group’s stake in the hospitality project being undertaken here through Oasis Realty.
The developer’s wholly-owned subsidiary Evenstar Hotels had paid ₹1,040 crore for the acquisition of Sahana Group’s 50% rights in the 221-key luxury hotel property.
In April 2021, in the largest-ever single residential transaction anywhere in the country, Damani had bought a bungalow in south Mumbai’s Malabar Hill locality for ₹1,001 crore.
He had bought the property along with his younger brother, Gopikishan Damani. Over the last few years, Damani and his company, Avenue Supermarts, have bought several properties across big Indian cities that have emerged as key consumption centres.
On the business front, too, Damani has been picking up assets. In Mumbai, Avenue Supermarts has bought five properties, including retail space and land parcels worth over ₹1,000 crore, including an eight-acre land parcel in Thane from Mondelez India.
It has also acquired retail space worth around ₹100 crore from Sunteck Realty at its upcoming project, Sunteck City, in the Goregaon suburb of Mumbai.
Apart from Mumbai, the retail chain has acquired two properties in Hyderabad, one each in Bengaluru and Pune. The total value of these deals, in addition to Damani’s personal property, is over ₹3,600 crore.
