Radhakishan Damani's Firm Leases Luxury Worli Apartment to Sanjay Ghodawat Group

A firm linked to Radhakishan Damani, the promoter of DMart and ace investor, has leased a luxury apartment in Worli, at the prominent 360 West development by Oberoi Realty, to the Kolhapur-based conglomerate Sanjay Ghodawat Group, for a starting rent of Rs 27 lakh per month.

According to documents accessed by property data analytics firm Zapkey, the five-year lease carries a 5 percent annual escalation, as well as a security deposit of Rs 1.65 crore. The lease also includes four car parking spaces. With the escalation, the total rent payable during the lease period is around Rs 18 crore.

The apartment owner, Derive Trading and Resorts Private Limited, promoted by Damani, leased the flat to One SGG Ventures LLP, a Sanjay Ghodawat Group entity. The lease for the 6,800 square feet apartment was registered on May 27.

The apartment was part of a bulk purchase of 23 flats in 2023 in the luxury mixed-use development in Worli. Damani and his associates bought the flats from Sudhakar Shetty, a former co-developer in the project, who was handed a part of the inventory to sell as part of the development agreement with Oberoi Realty.

Damani also owns the Madhu Kunj property in Malabar Hill, which he bought in 2021 for Rs 1,001 crore. He purchased the property along with his brother Gopikishan.

The sale to Damani and his associates was a lifeline for the stressed developer Shetty, who used the sale proceeds to repay overdue loans to Piramal Finance. Shetty is the promoter of the real estate firm Sahana Group.

Damani is among a large number of promoters of prominent firms who have purchased apartments at 360 West. Others include the promoters of electricals firm RR Kabel, jewellery retailer Caratlane, and financial conglomerate 360 ONE. Film actor Shahid Kapoor and his wife Mira Kapoor have also purchased apartments at this project.

The Sanjay Ghodawat Group has been prominent in sectors such as textiles, educational institutions, as well as consumer goods. In recent years, the group has seen more brand recognition due to its ownership of the regional airline Star Air, one of the fastest-growing passenger carriers in India.

The total rent payable during the five-year lease period for the Worli apartment is around Rs 18 crore. The lease agreement is for an apartment at the 360 West development by Oberoi Realty, leased by a firm linked to Radhakishan Damani to the Sanjay Ghodawat Group.

Promoters of electricals firm RR Kabel, jewellery retailer Caratlane, and financial conglomerate 360 ONE are among other buyers at the 360 West development.

This lease of a Worli apartment for Rs 27 lakh per month is an indicator of Mumbai's high-end rental market. The lease, for a 6,800 sq ft apartment, is for five years with a 5 percent annual escalation.