Mumbai: D-Mart owner Radhakishan Damani and his brother Gopikishan Damani bought a bungalow in South Mumbai for Rs 1,001 crore. The Damani brothers bought a two-storey bungalow called Madhu Kunj on 1.5 acres near Narayan Dabholkar Road in Malabar Hill. The 90-year-old building is traditionally owned by the commercial Premchand Roychand family. Real estate experts say this is the biggest real estate deal ever made in the country.
“The ground-plus-one storey bungalow is built in the Art Deco style and could be at least 90 years old. It has heritage features,” said a local resident. It has an open terrace and a large compound. Damani paid a stamp duty of Rs 30 crore for the property, which was purchased last month. “It is one of the old established mercantile families of the city, whose ancestors built the Venetian Gothic Rajabai Clock Tower at Fort in the mid-19thcentury,” said a person who knows the family. Malabar Hill is home to some of the richest businessmen, including Mukesh Ambani. Recently, Radhakishan Damani bought 8 acres of land in Thane for Rs 250 crore.