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Radhakishan Damani House: ₹1001 Crore Malabar Hill Mansion

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Radhakishan Damani, the visionary founder of DMart and one of India’s wealthiest businessmen, made headlines in 2021 when he purchased India’s most expensive residential property. The Radhakishan Damani house, located in the Malabar Hill area of Mumbai, was bought for a whopping ₹1,001 crore, setting a new benchmark in India’s luxury real estate market.

This isn’t just another celebrity mansion. It’s a historic estate steeped in Mumbai’s colonial heritage, a strategic investment by a legendary investor, and a symbol of success that resonates with aspiring entrepreneurs across India. In this comprehensive guide, we’ll take you inside this magnificent property, explore its fascinating history, decode the purchase strategy, and reveal why this acquisition became the talk of India’s financial circles.

Last Updated: December 10, 2025

Radhakishan Damani House: Quick Stats

Feature Details
Property Name Madhukunj (Madhu Kunj)
Purchase Price ₹1,001 Crore
Purchase Date March 31, 2021
Location Narayan Dabholkar Road, Malabar Hill, South Mumbai
Land Area 1.5 acres (5,752 square metres)
Built-up Area 60,000+ square feet
Property Type Two-storey heritage bungalow
Age 90-100 years old (built in 1930)
Price Per Sq. Ft. ₹1,61,670
Stamp Duty Paid ₹30.03 crore
Market Valuation ₹724 crore (at time of purchase)
Previous Owners Premchand Roychand Family Trust
Current Status Owned by Radhakishan & Gopikishan Damani
Owner’s Net Worth US$15.5 billion (December 2024)

Disclaimer: Details are based on public reports, media coverage, and property registration documents. Interior specifications, renovation plans, and current usage of the property may differ as these details are not publicly disclosed by the owner. Property values and prices mentioned are based on transaction data from 2021 and may have changed since then.

Radhakishan Damani House Purchase: Breaking India’s Real Estate Records

Radhakishan Damani House Purchase

The Historic Transaction

In March 2021, Radhakishan Damani, alongside his brother Gopikishan Damani, executed what would become the largest residential property transaction anywhere in India to date. The deal was registered on March 31, 2021, with a stamp duty payment of ₹30 crore.

The transaction wasn’t just about buying a house. It represented a strategic real estate investment by one of India’s most astute investors, executed during the COVID-19 pandemic when the property market was experiencing significant uncertainty. While many were hesitant, Damani saw opportunity.

Who Were the Previous Owners?

The property was previously owned by Saurabh Mehta, Varsha Mehta, and Jayesh Shah, who are the trustee and business partners at Premchand Roychand & Sons LLC Partner Phoenix Family Trust. The Roychand family has deep roots in Mumbai’s business history, making this property transfer even more significant in the city’s real estate landscape.

Radhakishan Damani House Name: The Historic “Madhukunj”

Damani’s palatial and expensive property in Malabar Hill is known as “Madhu Kunj”, a name that carries historical significance in Mumbai’s elite circles. According to historical records, Madhu Kunj was completed in 1930 by Maneklal Premchand, son of Premchand Roychand and brother of Sir Kikabhai Premchand.

The Premchand Roychand family was one of Mumbai’s most prominent business dynasties during the colonial era, and Madhukunj served as their family residence for nearly a century. The property represents not just luxury, but a piece of Mumbai’s rich business and architectural heritage.

Radhakishan Damani House Price: Decoding the ₹1,001 Crore Valuation

Breaking Down the Numbers

The purchase price structure reveals interesting insights into Mumbai’s luxury real estate market:

Why did Damani pay significantly above the market valuation? Real estate experts suggest several factors:

  1. Prime Location Premium: Malabar Hill is Mumbai’s most exclusive address
  2. Historical Significance: The property’s heritage value adds substantial worth
  3. Land Value: In space-constrained Mumbai, such large plots are virtually irreplaceable
  4. Investment Strategy: Damani’s long-term investment philosophy sees value appreciation potential
  5. Stamp Duty Waiver Timing: The deal was done during the Covid era with the final date of stamp duty waiver

Radhakishan Damani House Malabar Hill: Location and Neighborhood

India’s Billionaires’ Row

Malabar Hill represents the pinnacle of residential prestige in India. Malabar Hill is amongst the most affluent residential areas in Mumbai. It is home to several business tycoons and film personalities. The neighborhood is home to some of India’s most influential personalities, including Mukesh Ambani and Ratan Tata, making it truly India’s equivalent of London’s Billionaires’ Row.

The exact address is on Narayan Dabholkar Road in South Mumbai, one of the most coveted streets in the area. The location offers several advantages:

Strategic Location Benefits

Prestige Factor: The apartments in the area cost between Rs 70,000 and Rs 80,000 or more per sqft, making it one of India’s most expensive neighborhoods.

Historic Significance: Malabar Hill is the location of the Walkeshwar Temple, founded by the Silhara kings, adding cultural depth to the area.

Government Presence: The area houses the Maharashtra Chief Minister’s official residence, Varsha Bungalow, and other important government establishments.

Natural Beauty: The locality features the famous Hanging Gardens and offers stunning views of the Arabian Sea.

Infrastructure: The area is well-connected to different parts of the city and features excellent infrastructure, with schools, hospitals, and malls located nearby.

The Heritage of Malabar Hill

The neighborhood’s transformation from wilderness to Mumbai’s most prestigious address is fascinating. What used to be largely a forest filled with jackals and hyenas before the advent of the 19th Century, and known as the Malabar point, now occupies some of the most expensive homes in the world.

The area began attracting Mumbai’s elite when the then Governor of Bombay, Mountstuart Elphinstone built his bungalow in the area between 1819 and 1827. This set the trend for other wealthy families to establish their residences on this picturesque hill.

Property Specifications: The Palatial Estate

Size and Scale

The house is over 100 years old, spread over an area of 1.5 acres, and has a built-up area of over 60,000 square feet. To put this in perspective:

Architectural Character

While specific interior details remain private (as befits the reclusive billionaire’s preference for privacy), the property represents colonial-era architecture at its finest. The bungalow showcases characteristics typical of early 20th-century Mumbai elite residences:

It is unknown whether it is to be renovated or retained in its original glory, leaving observers curious about Damani’s plans for this historic property.

Radhakishan Damani House Interior: Privacy and Speculation

The Mystery Behind the Walls

True to his reputation as one of India’s most private billionaires, Radhakishan Damani has kept the interior details of Madhukunj strictly confidential. Unlike many contemporary billionaires who showcase their homes through media appearances or social media, Damani maintains absolute discretion about his personal spaces.

What we do know is that Radhakishan is currently residing at his house on Altamount Road in south Mumbai, which suggests the Malabar Hill property might be undergoing renovations or being held as a strategic investment.

Expected Features Based on Property Profile

Given the property’s size, location, and Damani’s status, luxury real estate experts speculate the mansion likely includes:

However, these remain educated speculations, as the actual interior remains unseen by the public.

Radhakishan Damani’s Extensive Real Estate Portfolio

Beyond Malabar Hill: A Strategic Real Estate Empire

The Madhukunj purchase is just one jewel in Damani’s impressive real estate crown. His property investments showcase the same disciplined, long-term approach that made him successful in the stock market and retail business.

Major Real Estate Holdings

Altamount Road Residence: Mr. Damani has a property at Altamount Road in South Mumbai, where he currently resides. Altamount Road is often compared to Billionaires’ Row and hosts some of Mumbai’s most expensive properties.

Three Sixty West, Worli: In one of 2023’s biggest real estate deals, Damani bought 28 housing units in the luxury apartment Three Sixty West for ₹1,238 crore. The project, developed by Oberoi Realty in partnership with Ritz-Carlton, offers ultra-luxury sea-facing apartments in one of Mumbai’s most prestigious locations.

Thane Property: In 2020, Damani’s family office had bought an eight-acre big land parcel in Thane from Mondelez India for a price of Rs 250 crore. This represents a strategic suburban investment with significant development potential.

Radisson Blu Resort, Alibaug: His real estate portfolio includes a 156-room Radisson Blue resort at the beachfront near Alibaug outside Mumbai, valued at approximately ₹135 crore. This represents diversification into hospitality real estate.

Sanjay Gandhi National Park Property: Mr. Damani acquired an area near Sanjay Gandhi National Park of 8.8 acres for Rs 500 Crores, showcasing his eye for land banking opportunities.

Investment Philosophy in Real Estate

Damani’s real estate strategy mirrors his stock market approach:

  1. Value Investing: Buying quality assets with long-term appreciation potential
  2. Location Focus: Concentrating on Mumbai’s prime locations
  3. Diversification: Spreading investments across residential, hospitality, and land
  4. Patient Capital: Holding properties for long-term value creation
  5. Strategic Timing: Making significant purchases during market uncertainties

The Man Behind the Mansion: Radhakishan Damani’s Journey

From Humble Beginnings to Billionaire Status

Radhakishan Shivkishan Damani was raised in a Maheshwari Marwari Hindu family in a single room apartment in Mumbai. This remarkable journey from a one-room tenement to owning India’s most expensive home exemplifies the Indian dream.

Current Wealth and Status

His estimated net worth is US$15.5 billion as of December 2024, according to Forbes, making him one of India’s wealthiest individuals. The source of this wealth is diverse:

The “Retail King’s” Philosophy

Despite his immense wealth, Damani maintains an extremely low profile. He’s known for:

Why This Property Purchase Matters

Setting New Benchmarks

The ₹1,001 crore transaction set multiple records:

  1. Highest Residential Sale: India’s most expensive home purchase ever
  2. Premium Location: Most expensive property in Malabar Hill’s history
  3. Price Per Square Foot: Record-breaking rate for residential property
  4. COVID-Era Confidence: Largest luxury property deal during the pandemic

Market Impact

Real estate experts noted that according to the real estate reports the property value will skyrocket as Mr. Damani’s name is connected with it. The purchase sent several signals to the market:

Celebrity Neighbors and The Elite Circle

Living in Malabar Hill means being part of India’s most exclusive residential community. The area is home to:

This concentration of wealth and influence makes Malabar Hill unique in India’s real estate landscape.

Investment Analysis: Was It Worth ₹1,001 Crore?

The Bull Case

Irreplaceable Asset: Large, heritage properties in Malabar Hill are virtually impossible to find. Once sold, such properties rarely come back to market.

Location Premium: As Mumbai grows more congested, the value of prime South Mumbai real estate continues appreciating above market averages.

Heritage Value: The property’s 100-year history and connection to prominent business families adds intangible value that increases over time.

Inflation Hedge: Real estate in prime locations serves as an excellent hedge against inflation and currency depreciation.

Status Symbol: For someone of Damani’s stature, owning India’s most expensive home adds to his legacy and business reputation.

The Investment Perspective

Given Damani’s investment philosophy, this purchase likely represents:

Real estate experts suggest the property could be worth ₹2,000+ crore within a decade, making the current purchase price seem reasonable in hindsight.

Visit Also: Archana Puran Singh House

Public Reactions and Media Buzz

The Financial Community’s Response

When news of the purchase broke in April 2021, it dominated financial media headlines. The reactions were mixed but largely positive:

Admirers pointed to: Damani’s conviction in investing during uncertain times, his eye for value in unique assets, and the signal it sent about India’s luxury real estate market.

Critics questioned: The timing during a pandemic, the price premium over market value, and whether such display of wealth was appropriate during difficult times.

Social Media Conversations

The purchase sparked widespread discussion on social media platforms:

Real Estate Industry Impact

The transaction energized Mumbai’s luxury real estate market, particularly in South Mumbai. Developers and sellers of ultra-luxury properties found renewed confidence, and the deal became a reference point for high-value transactions.

Conclusion: A Legacy Property for India’s Retail King

Radhakishan Damani‘s ₹1,001 crore Malabar Hill mansion represents far more than just an expensive real estate purchase. It symbolizes:

The purchase reflects Damani’s characteristic investment approach: identifying undervalued assets, having the conviction to act when others hesitate, and taking a long-term view on wealth creation. Just as he transformed DMart into India’s most successful retail chain through discipline and strategic thinking, his real estate portfolio showcases the same principles applied to property investment.

Whether Madhukunj becomes his primary residence or remains a strategic investment, it has already secured its place in Indian real estate history as the country’s most expensive single-family home purchase a fitting acquisition for the man they call India’s retail king.

? Frequently Asked Questions

Where is Radhakishan Damani’s house located?

Radhakishan Damani’s house is located in the Malabar Hill area at Narayan Dabholkar Road in South Mumbai. This is one of Mumbai’s most exclusive and prestigious addresses, home to numerous business tycoons and celebrities.

How much is Radhakishan Damani’s home worth?

Radhakishan Damani purchased the property for ₹1,001 crore in March 2021, making it India’s most expensive residential property transaction. The property’s market value was assessed at ₹724 crore at the time of purchase.

Can you visit Radhakishan Damani’s house?

No, the property is a private residence and not open to the public. Radhakishan Damani is known for being extremely private and reclusive, maintaining strict privacy about his personal life and properties.

What is the name of Radhakishan Damani’s Malabar Hill house?

The property is called “Madhukunj” or “Madhu Kunj.” It was built in 1930 by the prominent Roychand family and served as their family residence for nearly a century before being purchased by Damani.

Who owned the house before Radhakishan Damani?

The property was owned by Saurabh Mehta, Varsha Mehta, and Jayesh Shah, who were business partners and trustees at Premchand Roychand & Sons LLC Partner Phoenix Family Trust.

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