Radhakishan Damani, Founder of the DMart retail business, and his family made a huge residential real estate deal by buying 24 luxury apartments worth Rs 1,500 crore in Mumbai’s Worli area.
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, Economic Times reported.
In 2020, Oberoi Realty acquired Sahana Group's stake in the hospitality project via its subsidiary Evenstar Hotels. The acquisition was made for a sum of ₹1,040 crore and involved the acquisition of 50% rights in the 221-key luxury hotel property.
In recent years, Damani and Avenue Supermarts have acquired several properties in India's major cities that have emerged as major consumption centres.