MUMBAI: In maybe the most important residential property transaction within the nation, D-Mart founder Radhakishan Damani has bought a bungalow property at Narayan Dhabolkar Highway in south Mumbai for a document Rs 1,001 crore.
Property market sources mentioned that the bungalow referred to as Madhu Kunj is positioned on a chief 1.5-acre land in tony Malabar Hill.
“The bottom-plus-one storey bungalow is constructed within the Artwork Deco type and could possibly be at the very least 80 years previous. It has beautiful heritage options,” mentioned an area resident.
Damani paid stamp responsibility of Rs 30 crore for the property, which was bought final month, in response to actual property market sources. It isn’t recognized if the bungalow will probably be redeveloped by the brand new proprietor.
TOI has learnt that the property belonged to the Premchand Roychand household of Mumbai. “It is likely one of the previous established mercantile households of the town, whose ancestors constructed the Venetian gothic Rajabai Clock Tower at Fort within the 19th century,’’ mentioned an individual, who is aware of the household.
The bungalow is located on the nook of Narayan Dhabolkar Highway, some of the unique and costly residential enclaves in south Mumbai, the place residences command a value of Rs 70,000 to Rs 80,000 and above per sq. foot relying on the constructing. The VIP neighbourhood additionally has a number of bungalows of state ministers like Shivgiri, Ramtek and Meghdoot.

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