Mumbai, Investor and founder of D'Mart retail chain, Radhakrishna Damani, and his brother, Gopikishna Damani, have bought a two-storey building in south Mumbai for a whopping Rs 1,001 crore.

According to the Loksatta website, the deal has been finalised for the property measuring 5752.22 sq mt (61,916 sq ft).

The current market price for the property as per the ready-reckoner is around Rs 724 crore and it has been sold by the current owners, Saurabh Mehta, Varsha Mehta and Jayesh Shah.

Documents registered with the Department of Registration & Stamps reveal that a stamp duty of Rs 30 crore was paid for the property - located on the posh Altamount Road in Malabar Hill - and it was registered on March 31, 2021.

Damani ranks as the eighth richest Indian with a net worth of $14.5 billion, as per the Hurun India Rich List, 2021.