23 flats in Worli project sold at discounted rates

Mumbai: People close to DMart’s Radhakishan Damani have bought 23 luxe flats in a Worli project for around Rs 1,200 crore. Property market sources said these flats were sold at a discounted rate as they have been bought in bulk. Besides, businessman-builder Sudhakar Shetty, who sold the apartments, was under pressure to repay a Rs 1,000-crore loan he had taken from Piramal Finance. He had also taken around Rs 400 crore as loan from Hong Kong-based S C Lowy, a global banking and asset management group.“Negotiations between Shetty and Damani’s friends and associates were going on for the past four to five months. The bulk transaction was finally registered on Friday,” said market sources. Some of the larger apartments in Three Sixty West were earlier sold for as much as Rs 75-80 crore. Last year, IGE (India) Pvt Ltd had bought two apartments in the project for Rs 151 crore. The project comprises two towers and was developed by Oasis Realty, a joint venture between Oberoi Realty and Shetty’s Sahana Group. One tower will have a Ritz Carlton hotel and the other luxury residences managed by the hospitality brand.The Damanis of DMart have acquired marquee properties over the years. In 2021, in what was described as the biggest residential property transaction in the country, Radhakishan Damani and his brother Gopikishan purchased a bungalow property at Narayan Dabholkar Road in south Mumbai for Rs 1,001 crore. The bungalow, Madhu Kunj, is located on a prime 1.5-acre land with a built-up area of more than 60,000 sq ft in tony Malabar Hill. The ground-plus-one-storey bungalow is built in the Art Deco style and has heritage features. Residents said the bungalow still hasn’t been pulled down and looks like it will be retained by the Damanis.In late 2021, a six-acre beachfront home in Awas village of Alibaug was bought by Shr-ikantadevi, wife of Radhakishan Damani, for Rs 80 crore.
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