Radhakishan Damani-Linked Firm Leases Luxury Worli Apartment for ₹27.5 Lakh Monthly

BENGALURU: Derive Trading and Resorts Pvt. Ltd, a company where DMart founder and chairman Radhakishan Damani serves as a director, has leased a luxury apartment in Mumbai’s upscale Worli locality to One SGG Ventures LLP for a monthly rent of ₹27.5 lakh. This transaction ranks among the most expensive residential rental deals in recent times.

The 6,831 sq ft sea-facing apartment, complete with four car parks, is situated in Three Sixty West, a premier luxury housing project developed by Oberoi Realty Ltd. The tenant will pay ₹3.3 crore annually, with a 5% escalation every year. The lease deed, signed on 27 May, is for a five-year tenure, according to real estate data platform Zapkey. The agreement also includes a security deposit of ₹1.65 crore.

For the entire tenure, the total rental payout will be approximately ₹18 crore. SGG Ventures is part of the Sanjay Ghodawat Group, a diversified business conglomerate headquartered in Kolhapur, with interests in energy, aviation, consumer products, education, real estate, retail, and textiles.

Billionaire investor Radhakishan Damani and his family had previously acquired 28 units in the Three Sixty West project for ₹1,238 crore in 2023, marking one of the largest residential portfolio deals in the country. 'At nearly ₹400 per sq. ft per month, the rental value on this 360 West home matches the pricing of prime commercial office leasing in Mumbai. When an individual residence commands the same square-foot velocity as premium corporate real estate, it signals a dramatic new era for India's ultra-luxury property market,' said Sandeep Reddy, co-founder of Zapkey.

A DMart spokesperson did not respond to queries, and the Sanjay Ghodawat Group could not be immediately reached for comment. The luxury property market has remained robust both in outright sales and rentals. In Mumbai, India’s most expensive residential market, demand for high-end apartments in prime locations continues to drive premium leasing activity.

Last year, actor Shah Rukh Khan leased two luxury duplexes in Mumbai’s Pali Hill area for a combined monthly rent of ₹24.15 lakh, according to property lease documents. This further underscores the strong demand for ultra-luxury real estate in Mumbai, a city known for its high-end residential market.