Radhakishan Damani-Linked Firm Leases Worli Apartment to Sanjay Ghodawat Group for Rs 27 Lakh Per Month
Radhakishan Damani-Linked Firm Leases Apartment in Worli to Sanjay Ghodawat Group
A firm linked to renowned investor and DMart promoter Radhakishan Damani has leased an apartment in Worli's 360 West development to the Kolhapur-based conglomerate Sanjay Ghodawat Group, marking a significant real estate deal in the city.
According to documents accessed by property data analytics firm Zapkey, the five-year lease carries a 5 percent annual escalation, along with 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.
Lease Details
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| Lease Duration | 5 years |
|---|---|
| Annual Escalation | 5% |
| Security Deposit | Rs 1.65 crore |
| Rent Escalation Period | 5 years |
| Total Rent Payable | 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.
Background of the Deal
The apartment was part of a bulk purchase of 23 flats in 2023 in the luxury mixed-use development in Worli, with Damani and his associates buying 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.
Other Prominent Buyers in 360 West
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.
About Sanjay Ghodawat Group
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.
Moneycontrol has written to both the Sanjay Ghodawat Group and the office of Radhakishan Damani for comment on the deal, and the story will be updated if responses are received.
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