mumbai in the biggest residential property transaction in the country dmart founder radhakishan damani and his brother gopikishan have purchased a bungalow property at narayan dabholkar road in south mumbai for a record rs 1001 croreproperty market sources said the bungalow madhu kunj is located on prime 15acre land with a builtup area of more than 60000 square feet in tony malabar hillthe groundplusone storey bungalow is built in the art deco style and could be at least 90 years old it has heritage features said a local resident it has an open terrace and a large compounddamani paid stamp duty of rs 30 crore for the property which was purchased last month according to real estate market sources it is not known if the new owner plans to redevelop the property and build a tower like many plot buyers have done in the past in this areatoi has learnt the property belonged to the premchand roychand family of mumbai it is one of the old established mercantile families of the city whose ancestors built the venetian gothic rajabai clock tower at fort in the mid19thcentury said a person who knows the familythe bungalow is situated at the corner of narayan dabholkar road one of the most exclusive and expensive residential enclaves in south mumbai where apartments command a price of rs 70000 to rs 80000 and more per square foot depending on the building the vip neighbourhood also has several bungalows such as shivgiri ramtek and meghdoota property market source not wishing to be identified said of damani he is one of indias smartest investor minds and has been investing big time into real estate just recently he purchased an eightacre plot in thane for rs 250 crorethe source said why damani might have paid such a jawdropping price especially when land rates in malabar hill are around rs 400 crore per acre there is some element of capital gains planning since he has made a lot of gain in equity which can be reinvested taxfree into one residential house he is bullish on land appreciation in future yearsgulam zia ed knight frank india said the trend of picking up prized properties for an exclusive residential address in south mumbai by the indian ultrahigh net worth individuals is prevailing for a long time the ambanis the piramals the singhanias have all in recent times added to the skyline of mumbai this seems to be one more such additionin 2015 the poonawallas cyrus and son adar of serum institute of india bid rs 750 crore for lincoln house the former us consulate property at breach candy in south mumbai they were unable to take possession of the property though after the defence estates department stalled the dealin 2014 the godrej family bought homi bhabhas iconic bungalow meherangir at malabar hill for rs 372 crore