Radhakishan Damani, founder of D-Mart executes its third-biggest deal of Rs. 1,001 crore.

Radhakishan Damani, billionaire investor and founder of D-Mart, has purchased a bungalow in South Mumbai’s lavish Malabar Hill area for Rs 1,001 crore, the country’s largest residential sale. Damani purchased the property with his younger brother, Gopikishan Damani.

Madhukunj, a 1.5-acre land parcel on leafy Narayan Dabholkar Marg, has ground plus a two-storey bungalow with a total built-up area of about 60,000 sqft. The market price based on the ready reckoner rate is approximately Rs 724 crore.

It is unclear whether the estate will be redeveloped or whether the family will remain in the current structure.

Damani has concluded three major property transactions in the last two months. On April 1, it was reported that Damani’s family office had paid nearly Rs 250 crore for an 8-acre land parcel in Thane from Mondelez India, formerly Cadbury India.

Damani’s retail chain DMart was also reported on March 19 to have purchased two floors totalling 39,000 square feet in realty developer Wadhwa Group’s under-construction project, The Epicenter, in Mumbai’s Chembur suburbs for more than Rs 113 crore.

In recent years, many bungalows in the southernmost parts of Mumbai have made way for luxury skyscrapers in Carmichael Road, Altamount Road, Nepean Sea Road and Malabar Hill.   Several industrialists and the wealthier Indians have bought bungalows in the district of the billionaires for their personal use.

In2015, industrialist Kumar Mangalam Birla was the top bidder for the 30,000-sqft for the Jatia House in Malabar Hill. The Chairman of Aditya Birla Group paid Rs 425 Crore, making it the most expensive bungalow deal ever in India, which exceeded the Rs 400 Crore transaction in the 2012 Maheshwari House.

Shortly thereafter, Cyrus Poonawalla, Chairman of the Poonawalla Group, appeared as the most expensive purchase for a house of US Consulate’s Lincoln house at Breach Candy for Rs 750 crore. In 2014, Mehrangir, Homi Bhaba’s Malabar Hill house, father of India’s nuclear programme, acquired Rs 372 crore from the Godrej family.