New Delhi: Radhakishan Damani, a billionaire businessman and founder of DMart, Radhakishan Damani has bought a luxurious bungalow in Malabar Hills, a posh area in south Mumbai. According to reports, Damani, along with his younger brother Gopikishan Damani, bought this property for Rs 1001 crore.
The bungalow is spread over an area of 1.5 acres
According to the news of the Economics Times, the two-storey bungalow ‘Madhukunj’ on Narayan Dabholkar Marg is spread over an area of more than 1.5 acres and its total built up area is about 60 thousand square feet. Based on the ready reckoner rate, its market price is Rs 724 crore. Damani’s family office paid Rs 30 crore as stamp duty.
Three property deals within two months
According to reports, recently Damani’s family office has purchased 8 acres of land for Rs 250 crore from Mondleys India in Thane. Apart from this, DeMart has purchased two floors spread over 39,000 sq ft for Rs 113 crore at Wadhwa Group’s Project The Epicenter in Chembur.
Started his career as an investor in the stock market
Radhakishan Damani is considered the king of retail business. But he started his career as an investor in the stock market in the 1980s. But an idea changed his fortunes and his wealth increased by 100 percent in just 24 hours. The IPO of his company DeMart came in 2017. Radhakishan Damani was the owner of only one retail company till 20 March 2017, but as he rang the bell of the Bombay Stock Exchange on the morning of 21 March, his wealth soared by 100 per cent. Actually, DeMart’s stock was listed at Rs 604.40, while the issue price was kept at Rs 299. This was a return of 102 per cent.
Always away from the limelight
He always wears white clothes and is popularly known as ‘Mr. White and White’ among the investors of the stock market. He started a retail business in 1999, that was the time when the footsteps of Kumar Mangalam Birla and Kishore Biyani of Future Group did not even come in this sector.
