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<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>According to Forbes, Damani added $5.3 billion to his fortunes which now stand at $16.4 billion. </li><li>If Damani takes over India Cement, he is said to get richer as the share price of India Cement has surged more than 92% this year — taking its market value to $555 billion. </li><li>Moreover, 74-year old Damani will then own 8 listed stocks including <keyword id="6420044" type="UNKNOWN" weightage="20" keywordseo="D-Mart">D-Mart</keyword>, Delta Corporation and Simplex Infrastructure. </li></ul>The 74-year old Radhakishan Damani, India’s second richest person and the owner of Avenue Supermart, has informally shown interest to take over India Cement. The retail king and his family have been buying shares of <keyword id="131875" type="COMPANY" weightage="20" keywordseo="India-Cements">India Cements</keyword> for quite a while now — increasing their holding to nearly 20%, as of March 31. Damani is the founder of Avenue Supermarts — the retail company which runs D-mart stores in India. The chain offers basic home and person use products, groceries, home appliances, garments and more at a bargain. He is among the only three billionaires in India whose wealth rose between March 2019 and March 2020. <div type="Article" hostid="261" msid="75119106" title="Half of all D-Mart stores are shut during coronavirus lockdown⁠— it shows that even the best in business are struggling" mstype="2" mssubtype="0"></div> According to Forbes, Damani added $5.3 billion to his fortunes which now stand at $16.4 billion. He added $2.5 billion in three months between January and March — making him the second richest person in India after Mukesh Ambani. His net worth doubled during the lockdown. Damani was worth $11.1 billion at the end of 2019, according to Forbes real time net worth index. He catapulted into one of the top 10 richest after a blockbuster IPO listing of Avenue Supermarts in 2017. After its debut, the share price of Avenue Supermarts increased more than three times the listing price (₹616). Its current market capitalization is around ₹1.5 lakh crore. If this deal goes through, Damani is said to get richer as the share price of India Cement has surged more than 92% this year — taking its market value to $555 billion. Damani's stock portfolio is not limited to D-Mart. Damani’s stock portfolio <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><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;">Delta Corp </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;">VST Industries </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;">Simplex Infrastructure </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;">Foods &amp; Inns </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 Cement </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;">Spencer’s Retail </td></tr></tbody></table> <a href="https://economictimes.indiatimes.com/markets/stocks/news/radhakishan-damani-said-to-mull-taking-control-of-india-cements-shares-up-10/articleshow/76417676.cms">According to Economic Times</a>, Damani’s control over India Cement will also help India Cement face rivals like UltraTech Cement, Lafarge Holcim Ltd. See also: <a href="https://www.businessinsider.in/business/news/the-impact-of-coronavirus-carnage-on-radhakishan-damanis-portfolio/articleshow/74661795.cms">The impact of coronavirus carnage on Radhakishan Damani’s portfolio</a> <a href="https://www.businessinsider.in/business/news/azim-premjis-generosity-crashed-the-wealth-of-indian-billionaires-by-16-billion/articleshow/75058443.cms">This man’s generosity crashed the wealth of Indian billionaires by $16 billion</a>

DMart owner Radhakishan Damani added more than $5 billion to his wealth in a year — and the billionaire now wants to take over India Cements

<ul><li><keyword id="2407038" type="PERSON" weightage="20" keywordseo="DMart">DMart</keyword>’s parent company Avenue Supermart has posted a 88% fall in profits from ₹334.59 crore to a mere ₹48 crore in Q1FY21.</li><li>DMart’s high number of stores meant the company had to incur higher allowances for staff (it offered a hardship allowance to employees) and also had to bear sanitization costs for the stores. </li><li>For <keyword id="6505089" type="UNKNOWN" weightage="20" keywordseo="Radhakishan-Damani">Radhakishan Damani</keyword>, another big challenge is on the cards – If India’s richest man Mukesh Ambani decides to buy Future Retail and alongwith it will acquire the Bigbazaar chain of stores. </li></ul>Radhakishan Damani, the owner ⁠— with a net worth of $15.6 billion, according to Forbes ⁠— of Avenue Supermarts, which operates the DMart chain of retail stores is watching a dream run come to a near standstill. For the first quarter of the current financial year, DMart’s parent company Avenue Supermart has posted a 88% fall in profits from ₹334.59 crore to a mere ₹48 crore. DMart’s share price reflected the investors’ disappointment with a 4% fall on Monday (July 13). While DMart said that the company is less anxious now than it was during April 2020, analysts say the causes of worry are only beginning. The biggest of them is a challenge from Asia’s richest man, Mukesh Ambani. Higher costs at stores while customers head to kiranas One of Damani’s biggest advantages was the presence of DMart in Tier-II cities, reaching out to a larger market. But analysts at HDFC Securities believe that this very strength has turned into its weakness. “Higher exposure to some of the most impacted Indian districts and store closures in Apr (50% of network closed in Apr) manifested into a severe footfall loss, ergo revenue loss for D-MART,” said the report. DMart began with a single store in Mumbai’s Powai in 2002. Today, DMart is present in over 214 locations across Maharashtra, Gujarat, Andhra Pradesh, Madhya Pradesh, Karnataka, Telangana, Chhattisgarh, NCR, Tamil Nadu, Punjab and Rajasthan. The higher number of stores also meant DMart had to incur higher allowances for staff (it offered a hardship allowance to employees) and also had to bear sanitization costs for the stores. DMart too acknowledged that ‘organized retail’ failed to mark during the lockdown as local kirana stores <a href="https://www.businessinsider.in/retail/news/jiomart-dunzo-swiggy-and-likes-want-to-ride-the-trust-earned-by-indias-kirana-stores-during-the-lockdown/articleshow/76826479.cms">came to the rescue.</a> The company said customers didn’t put ‘value’ as a priority during lockdown. “There is also a sales channel of traditional trade which is smart, agile and resourceful. India still has a strong and resilient network of small shops and neighbourhood stores. They came roaring back after the first 2 or 3 weeks of lockdown serving the needs of an anxious customer the way the customer wanted it - quickly over the counter or through home deliveries,” said the company in a regulatory filing. A bigger challenge if Reliance and Future Retail join hands DMart’s rise was credited to its ability to outbid kirana stores with heavy discounts powered by smart sourcing and it wooed middle class indians into organised retail. But now the question is – can he beat someone with deep pockets like Mukesh Ambani? If India’s richest man Mukesh Ambani decides to buy Future Retail and alongwith it will acquire the Bigbazaar chain of stores. Reliance is reportedly close to closing the deal with Kishore Biyani’s Future Retail, as the corporate giant is doubling down investments in the Indian retail sector with its own venture JioMart. <div type="image" title="mukesh ambani" msid="76937031" hostid="261"></div> Ambani is already into grocery retail but bagging Big Bazaar would give him an unprecedented reach and market share that would be difficult to beat. So far, the Future Group <a href="https://www.businessinsider.in/business/news/future-retail-share-price-jumps-because-of-a-possible-investment-from-mukesh-ambani-reliance-premji-or-samara/articleshow/76460606.cms">with a big bag of debt</a>, has not been much of a competitor even though it had a headstart over DMart and ten times the number of stores. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><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;">No. of stores </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;">Cities </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;">DMart </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;">214 </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;">69 </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;">Reliance Retail </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;">10901 </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;">6700 </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;">Big Bazaar </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;">2000 </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;">400 </td></tr></tbody></table> Uncertainty with lockdowns Even as he prepares for the Ambani challenge, DMart may be bracing for another troubled quarter. Several of the states in which DMart is operational – Tamil Nadu, Maharashtra, Karnataka, have once again enforced strict lockdowns. As the latest earnings show, despite keeping stores open 24*7 since April 1⁠— and tying up with housing societies and taking in orders through WhatsApp ⁠and delivering them at home— the volumes have tumbled and profits have shrunk severely. <div type="image" title="dmart revenue (1)." msid="76937002" hostid="261"></div> <div type="image" title="dmart profits (1)." msid="76937010" hostid="261"></div> “Discretionary consumption continues to be under pressure, especially in the Non-FMCG categories. This is impacting gross margins negatively. Store operations and duration of operation per day continues to remain inconsistent across cities due to strict lockdowns enforced by local authorities from time to time. In addition, in certain cities authorities are once again insisting on selling only essential products. Hence our future revenues continue to remain uncertain,” said the company.

Radhakishan Damani has a string of challenges ahead of him and falling profits at DMart don’t help

<ul><li><keyword id="2407038" type="PERSON" weightage="20" keywordseo="DMart">DMart</keyword>’s parent company Avenue Supermarts became India’s 11th most valued company. </li><li>However, its fourth quarter earnings could still have taken a hit due to the coronavirus pandemic.</li><li>The company had earlier said that 50% of its stores were not operational during the lockdown.</li></ul>DMart’s share price has climbed by 35.7% since the beginning of the year. However, its fourth quarter earnings could still have taken a hit due to the coronavirus pandemic. Ac<a href="https://economictimes.indiatimes.com/markets/stocks/news/dmart-tanks-5-as-company-says-half-of-stores-non-operational/articleshow/75115970.cms">cording to Prabhudas Lilladher</a>, there will be an estimated 25% sales decline between Jan and March 2020 for DMart, and a 5% decline in the next three months ending June. The growth in profit after tax in March 2021 is likely to be just 12%, according to the report. <div type="image" title="DMART." msid="75883285" hostid="261"></div> The most valued retail stock in India had also pushed its owner <keyword id="6505089" type="UNKNOWN" weightage="20" keywordseo="Radhakishan-Damani">Radhakishan Damani</keyword> to become India’s second richest man. <div type="image" title="Radhakishan Damani" msid="75883263" hostid="261" caption="&amp;lt;p&amp;gt;Radhakishan Damani&amp;lt;/p&amp;gt;"></div> On Thursday (May 21), DMart’s parent company Avenue Supermarts became India’s 11th most valued company. Its market cap stood at ₹1,58,902.37 crore, moving ahead of giants like Maruti, Nestle, HCL Tech. DMart’s bullish growth DMart began with a single store in Mumbai’s Powai in 2002. Today, DMart is present in over 214 locations across Maharashtra, Gujarat, Andhra Pradesh, Madhya Pradesh, Karnataka, Telangana, Chhattisgarh, NCR, Tamil Nadu, Punjab and Rajasthan. In the third quarter ending December 2019, DMart had posted a 33% jump in profits, as well as a 24.4% increase in revenue to ₹6,809 crore. If COVID-19 hadn't struck, according to <a href="https://economictimes.indiatimes.com/markets/stocks/news/dmart-on-course-to-being-cash-surplus-how-it-spends-will-be-key/articleshow/73220765.cms">reports</a>, DMart would have ended FY20 with almost no debt. Covid19 strategy With the coronavirus pandemic, DMart was quick to implement multiple strategies to stay afloat. Being in the essentials category, DMart pushed its limitations and decided to stay open 24*7 since April 1. It began to deliver essentials at home by tying up with RWAs and taking in orders through WhatsApp. But that might not be enough. “However the sales from these channels are inconsequential,” said the company. The company also said that 50% of its stores were not operational during the lockdown. Its sales would also be impacted as the coronavirus pandemic kept people away from physically visiting stores while sales in its non-essentials category came to a standstill. See Also: <a href="https://www.businessinsider.in/business/news/reliance-strikes-5th-deal-sells-2-32-pc-in-jio-platforms-for-rs-11367-cr-to-kkr/articleshow/75881643.cms">Reliance strikes 5th deal, sells 2.32% in Jio Platforms for ₹11,367 cr to KKR</a> <a href="https://www.businessinsider.in/business/news/future-retail-promoter-kishore-biyani-net-worth-falls-sharply-as-debt-rises/articleshow/75861065.cms">Once India’s ‘retail king’, Future Retail promoter Kishore Biyani is straddling high debt, coronavirus and negative ratings⁠⁠— and nearly his entire stake is already pledged</a>

DMart's quarterly sales may fall 25% but the shares are already up 35% ⁠— the retailer is now bigger than Maruti, Nestle and HCL Tech

<ul><li><keyword id="6505089" type="UNKNOWN" weightage="20" keywordseo="Radhakishan-Damani">Radhakishan Damani</keyword> catapulted into one of the top 10 richest after a blockbuster IPO listing of Avenue Supermarts in 2017. </li><li>He is among the only three billionaires in India whose wealth rose in the last year. </li><li>After its debut, the share price of Avenue Supermarts increased more than four times the listing price (₹616). Its current market capitalization is around ₹1.55 trillion crores. </li></ul>India has 102 billionaires and 97 of them lost around a billion dollars each in the last one year. The data by Forbes includes the stock market meltdown of March, but it has rare exceptions like - D-Mart owner Radhakishan Damani. He is among the only three billionaires in India whose wealth rose in the last year. According to Forbes, Damani added $2.7 billion to his fortunes which now stand at $13.8 billion — making him the second richest person in India after Mukesh Ambani. Moreover, Damani net worth stood $16.4billion on April 10, up from $13.8 on March 18, according to Forbes real time net worth index. Damani is the founder of Avenue Supermarts — the retail company which runs D-mart stores in India. The chain offers basic home and person use products, groceries, home appliances, garments and more at a bargain. He catapulted into one of the top 10 richest after a blockbuster IPO listing of Avenue Supermarts in 2017. After its debut, the share price of Avenue Supermarts increased more than four times the listing price (₹616). Its current market capitalization is around ₹1.55 trillion crore. While shares of other billionaires including RIL dipped to a new low, the stock of Avenue Supermart surged nearly 31% this year. <div type="image" title="Capture" msid="75076489" hostid="261"></div> ‘Better placed to handle crisis’ In spite of its bull run, the stock was not immune to the Corona crash of markets in March. The share lost more than half of its rally in the last week of March but regained again. In the last quarter ending December, D-Mart’s revenues grew 24%, indicating promising growth, As coronavirus slows the economy even further, Morgan Stanley predicted, D-Mart will have to slash prices further to retain market share. Coronavirus also cast a shadow on D-Mart’s supply chain which could suffer due to a shortage of products in its stores in the coming future. However, given its position as one of the top players, it may be better placed to fend off the crisis compared to most of its peers. However, Damani’s portfolio is not restricted to just D-Mart. He owns six other listed stocks with at least a 1% stake in the company including Delta Corp and Simplex Infrastructure. Despite the current market crash due to coronavirus,<a href="https://www.businessinsider.in/business/news/the-impact-of-coronavirus-carnage-on-radhakishan-damanis-portfolio/articleshow/74661795.cms"> four of his seven stocks were trading in the green. </a> Recently, Damani contributed ₹100 crores to the PM-CARES Fund for the fight against the coronavirus pandemic. He also contributed ₹55 crores to several state relief funds. See also: <a href="https://www.businessinsider.in/business/news/azim-premjis-generosity-crashed-the-wealth-of-indian-billionaires-by-16-billion/articleshow/75058443.cms">This man’s generosity crashed the wealth of Indian billionaires by $16 billion</a>

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

Katya Naidu

DMart owner Radhakishan Damani added more than $5 billion to his wealth in a year — and the billionaire now wants to take over India Cements

Preeti Soni

Radhakishan Damani has a string of challenges ahead of him and falling profits at DMart don’t help

Sanchita Dash

DMart's quarterly sales may fall 25% but the shares are already up 35% ⁠— the retailer is now bigger than Maruti, Nestle and HCL Tech

Sanchita Dash

India’s second richest man added $2.7 billion to his wealth beating slowdown and coronacrisis

Preeti Soni

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