Retail investor Radhakrishnan Damani has purchased a new house worth Rs 1,000 crore in Mumbai’s Malabar Hill, one of the affluent areas in the city.

The 5752.22 sq ft house, which has a market value of Rs 724 crore, has been bought by Damani and his brother Gopikishan from Purachand Roychand & Sons, Pareshchand Roychand & Sons, Premchand Roychand & Sons.

Damani has paid Rs 30 crore for stamp duty for the property purchase. The property was purchased on March 31 this year.

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Damani, who was raised in a one-room apartment in a Mumbai tenement block, controls Avenue Supermarts Ltd that owns popular retail chain D’Mart.

According to Forbes 22 bet no deposit’s rich list of 2020, Damani is the fourth richest 22 bet no depositn with a net worth of $15.4 billion.

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After a brief setback due to the coronavirus pandemic, the real estate sector in Mumbai witnessed a boom in October last year after the property sales in the city saw a 112 per cent jump on a month-to-month basis.

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Purchasing expensive properties in Mumbai is not a new deal for 22 bet no deposit’s top businessmen. In 2015, Poonawalla Group chairman Cyrus Poonawalla purchased the iconic Lincoln House for Rs 750 crore.