<ul><li><keyword id="386983" type="General" weightage="20" keywordseo="Luxury-homes" source="Orion">Luxury homes</keyword> that cost over ₹10 crore, clocked in sales to the tune of ₹11,400 crore in the first half of 2023. </li><li>The preference for 4,000-8,000 square feet homes tripled in the first half of 2023 as compared to 2018, says a report by Sotheby’s International Realty and CRE Matrix. </li><li>Real estate has made a meaningful comeback to UNHI portfolios, says Sotheby’s. </li></ul>What’s common between DMart promoter Radhakrisha Damani and Alia Bhat? Well, apart from being highly successful in their own spheres – business and show biz – they’ve also recently bought luxury homes in the Maximum City. While billionaire Damani spent a whopping ₹1,238 crore for a property at Oberoi Three Sixty West in Worli, Bhat splurged ₹37.8 crore for an address at Aerial View CHSL in Bandra West. Apart from these two, JP Taparia and family who own Famy Care Group, Dubai businessman Jay Mahtani and fashion designer Sandeep Khosla are a few of the big names that have snapped up luxury homes this year. What's more? This tribe, which spends mega bucks for large, spacious homes with spectacular views, is only growing, says a report by Sotheby’s International Realty and CRE Matrix. Luxury homes are defined as those that cost over ₹10 crore and the first half of 2023 has seen sales of a whopping ₹11,400 crore in this segment. “Mumbai had been witnessing around ₹5,300 crore of luxury sales every half year, since 2018. In H1 2023, this number more than doubled to ₹11,400 crore, surpassing even the annual sales of 2018 – 2020,” says Sotheby’s. Amit Goyal, MD India at Sotheby’s International Realty believes that this indicates that real estate has made a meaningful comeback to ultra high-networth individuals’ portfolios. “With wealth creation in India growing at a fast pace, and the country’s wealthiest city Mumbai set to enter the list of top 20 cities with the most number of millionaires by 2023, we believe there’s an inherent strength in Mumbai’s luxury housing market which should continue in the future,” said Goyal. Size does matter Sales of homes that cost around ₹10-20 crore made up for around 71% of sales in the luxury segment, but there has been good traction in homes that cost ₹40-70 crore too, as per the report. Nine homes that cost over ₹70 crore were sold in the first half of the year, while 10 such sold in all of 2022, the report says. In the world of luxe, the size of homes is also growing, as per the report. Most of the luxury homes sold were in the 1,000-2,000 square feet range while the preference for 4,000-8,000 square feet homes tripled in the first half of 2023 as compared to the same period in 2018. “The Richie Rich is now eyeing larger homes than ever before with a clear preference for ocean views, higher floors and amenities galore,” says Abhishek Kiran Gupta, co-founder &amp; CEO, CRE Matrix &amp; IndexTap.

Mumbai’s rich & famous are buying luxury homes for maximum money

<ul><li><keyword id="714135" type="General" weightage="20" keywordseo="radhakrishna-damani" source="Orion">Radhakrishna Damani</keyword> has holdings across 14 listed companies, including <keyword id="6410316" type="General" weightage="20" keywordseo="avenue-supermarts" source="Orion">Avenue Supermarts</keyword>.</li><li>Damani started his career as a stock broker turned investor who is known to pick <keyword id="2043186" type="General" weightage="20" keywordseo="multibaggers" source="Orion">multibaggers</keyword>.</li><li>In the last two years, he has been snapping the most <keyword id="1761487" type="General" weightage="20" keywordseo="expensive-homes" source="Orion">expensive homes</keyword> sold in Mumbai. </li></ul>Most people know Radhakrishna Damani as the founder of the eponymous D-Mart. But retail business is not his only calling. He started his career as an investor and continues to be so — with holdings across 14 companies and a net worth of ₹1,62,010 crore as of June. Sitting on top of the list of India’s richest investors, the worth of his holdings is ahead of Jhunjhunwala &amp; family — who occupy the second position. A chunk of his wealth at around 96% comes from his 67% stake in Avenue Supermarts which he founded in 2001 and took public in 2017. The stake is now worth ₹1,55,774 crore, but he has stakes in many companies that are well over ₹500 crore – adding to wealth even as DMart stock has been beaten down in the last one year. Radhakrishna Damani’s holdings in listed companies <table style="border-width: initial; border-style: none;" class="redcator-table-advance"><colgroup></colgroup><col /><col /><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Value of holding </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Avenue Supermarts </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,55,774 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">India Cements </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,518 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">VST Industries </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,631.2 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Trent </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,081 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Sundaram Finance </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹673.2 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">United Breweries </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹488.8 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3M India </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹488 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Blue Dart Express </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹197.2 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Sundaram Finance Holdings </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹51.4 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Aptech </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹38.5 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">BF Utilities </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹22.8 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Andhra Paper </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹22.1 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Advani Hotels &amp; Resorts </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹15.6 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mangalam Organics </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹7.9 crore </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> Source: Kotak Securities/Trendline The Mr White of multibaggers Known as Mr White for his love for the colour of clothing, 68 year old Damani is a well-known recluse. Born into a Marwari family, Damani started his career as a stock broker but soon realized that to make ‘his own money’ he needed to become a trader and an investor. He was always known for his nose for multibaggers — a few that he had picked early on include India Cements, VST Industries and Sundaram Finance which still remain in his portfolio. He started DMart at the turn of the century, which continues to be the star of his portfolio. Avenue Supermarts which, owns DMart brand, saw its marketcap rise 7.2 times since listing — a feat that enabled him to break into Hurun’s Global Top100 rich list, last year. Damani is also one of the rare investors who have turned into successful entrepreneurs. The abode of the rich Though very little is known about his lifestyle — he is living the life that billionaires deserve. In the last two years, he has been snapping the most expensive homes sold in Mumbai – in addresses that host the country’s rich and the famous. In 2022, he bought a 90-year-old home spread over 5,752 square meters in Malabar Hill for a whopping ₹1,001 crore, according <a href="https://www.businessinsider.in/india/news/indias-most-expensive-homes-dmarts-radhakishan-damanis-dream-home-cost-him-1001-crore/articleshow/92976542.cms">to data by Zapkey</a>. According <a href="https://www.businessinsider.in/finance/news/alia-bhatt-radhakrishna-damani-snap-up-luxury-homes-for-maximum-money/articleshow/102084334.cms">to a report by Sotheby’s</a>, Damani snapped the most expensive home sold in Mumbai this year, spending ₹1,238 crore for a property at Oberoi Three Sixty West in Worli — indicating his love for real estate as well as stocks.

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Mumbai’s rich & famous are buying luxury homes for maximum money

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