Mumbai: D-Mart's founder purchases bungalow worth 1,001 crore

MUMBAI: In perhaps the biggest residential property transaction in the country,

D-Mart

founder Radhakishan Damani has purchased a

bungalow

property at

Narayan Dhabolkar Road

in south Mumbai for a record Rs 1,001 crore.

Property market sources said that the bungalow called Madhu Kunj is located on a prime 1.5-acre land in tony

Malabar Hill

.

"The ground-plus-one storey bungalow is built in the Art Deco style and could be at least 80 years old. It has lovely heritage features," said a local resident.

Damani paid stamp duty of Rs 30 crore for the property, which was purchased last month, according to real estate market sources. It is not known if the bungalow will be redeveloped by the new owner.

TOI has learnt that the property belonged to the Premchand Roychand family of Mumbai. ``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 19th century,’’ said a person, who knows the family.

The bungalow is situated at the corner of Narayan Dhabolkar Road, one of the most exclusive and expensive residential enclaves in south Mumbai, where apartments command a price of Rs 70,000 to Rs 80,000 and above per square foot depending on the building. The VIP neighbourhood also has several bungalows of state ministers like Shivgiri, Ramtek and Meghdoot.

Stay updated with the latest news on Times of India. Don't miss daily games like Crossword, Sudoku, and Mini Crossword.