Exploring Radhakishan Damani's Multibillion-Dollar Real Estate Empire
The retail king of India, Radhakishan Damani, is worth more than $17 billion. India’s veteran investor was given this title after his record-breaking IPO of his supermarket chain, Avenue Supermarts. Popularly known as DMart, it is just one of many of his profitable companies. The industry mogul holds stakes in a range of companies like VST Industries (tobacco) and previously, India Cements.
Damani’s DMart is one of India’s most reliable private retail players. Often described as “boring,” Avenue Supermarts does not engage in fancy advertising, flashy campaigns, or endorsements. The financials show the payoff. From Rs 48,840 crore in FY23 (financial year 2023), revenue jumped to Rs 59,358 crore in FY25, a CAGR (compound annual growth rate) of 17%. The reported net profit alone was Rs 2707 crore.
However, Damani’s real-estate empire includes hotels, private residences, and more. Worth more than a whopping Rs 2000 crore, he is one of the biggest property billionaires in India and ranks among the top 150 billionaires in the world. The 70-year-old co-owns several of his assets with his younger billionaire brother, Gopikishan.
Radhakishan Damani’s Real Estate Empire
Malabar Hills Bungalow
Damani owns a luxurious bungalow at Malabar Hill’s Narayan Dabholkar Road, reportedly worth Rs 1000 crore. The duplex is made in the modest Art Deco style and spans across 1.5 acres. Becoming the area’s landmark properties, Damani’s real estate investment left a permanent mark on the landscape’s iconic location. Reports also reveal that the property was previously held by the Premchand Roychand family. Making it one of India’s most expensive property deals, the 60,000 square feet bungalow leaves no luxury unturned.
28 Apartment Investment
In 2023, the Damani family invested in 28 apartments in the Three Sixty West project at Worli’s Dr Annie Besant Road for a staggering Rs 1238 crore. Worth Rs 40-50 crore, each flat is more than 5000 square feet and is the country’s largest bulk property investment. The premier address is managed by Ritz-Carlton residences, and the scale of this transaction sets a new record for Mumbai’s condo market.
Beachfront Resort Holdings
According to Forbes, Damani is also the owner of a 156-room Radisson Blu Resort in Alibaug, a popular tourist spot near Mumbai. Opening to the beachfront, the scenic property is one of his biggest investments in the hospitality sector.
Land Acquisition
Across his two-decade investor journey, Damani has acquired significant land assets. From billion-dollar houses to million-dollar business deals, Damani operates in style. It also includes an 8-acre plot in Thane, spans more than 8 acres, and is located near the Sanjay Gandhi National Park. Sealed in a Rs 500 crore deal, this property showed great development potential.
These assets are not only a marker of trophy real estate investment, but key assets that contribute to his billionaire status. Damani’s Rs 2200 crore real estate empire is just another part of his other retail avenues, making him an all-round industry mogul.
