Dmarts owner Radhakishan Damani, According to registration documents accessed on Zapkey, is reportedly spending a significant amount of money to amass up to 28 luxury apartments for approximately Rs 1,238 crore in what is reportedly one of India’s largest real estate deals.
Interestingly, the agreement was reached around a significant provision change mentioned in the 2023 budget that is set to take effect on April 1.
The number of capital gains from the sale of residential property that may be reinvested will be capped at Rs 10 crore.
Given that there aren’t any restrictions or clauses like that at the moment, it shouldn’t affect the deal.
Capital gains from the sale of a residential property refer to the profit made from the sale of a property that was used as a primary residence.
The amount of the capital gain is calculated by subtracting the cost of the property, including any improvements made to it, from the sale price.
If the property was held for more than three years, it is considered a long-term capital gain, which is subject to different tax rules than short-term capital gains.
In India, long-term capital gains from the sale of a residential property are taxed at 20% with indexation, while short-term capital gains are taxed at the individual’s marginal tax rate.
In some cases, capital gains from the sale of a residential property can be exempt from tax if they are invested in another property or certain bonds within specified time limits.
It is important to consult a tax professional or financial advisor for specific information regarding the tax implications of selling a residential property in your jurisdiction.
Another thing to know about Radhakishan Damani is that he is an Indian billionaire investor and businessman. He is best known as the founder of D-Mart, a chain of retail stores in India.
He started D-Mart in 2000 and it has since grown to become one of India’s largest and most successful retail chains. Damani is also known for his investment philosophy, which emphasizes value investing and a long-term perspective.
He is considered one of India’s most successful and influential investors, and has a net worth of over $20 billion, as of 2023.
D-Mart is a chain of discount department stores in India, founded by billionaire Radhakishan Damani in 2000.
The stores offer a wide range of household and consumer products, including food, clothing, electronics, and household items, at low prices.
D-Mart operates over 200 stores across India and is known for its efficient supply chain management and cost-cutting measures, which allow it to offer low prices to its customers.
The company has a reputation for offering quality products at affordable prices and has become one of the most popular retail chains in India. D-Mart went public in 2017 and is listed on the National Stock Exchange of India.
Also, the transactions were registered on February 3 in various locations throughout Mumbai, with a total carpet area of 1,82,084 square feet, according to the documents.
Due to the impending rule change, the ultra-luxury real estate market is anticipated to experience significant changes.
According to Sandeep Reddy, founder of Zapkey, “we can expect many more luxury home deals to be registered before March 31, 2023, before the new provision kicks in.”
Lastly, some details about him:
- Damani Radhakishan
Indian investor and billionaire Damani is well-known. He is regarded as one of the richest people in India and is best known for founding the retail behemoth D-Mart.
Damani, who was born in Mumbai in 1954, had modest beginnings and began his career as a part-time stock trader. He amassed wealth over time by making wise investments in the stock market and other ventures.
He established the supermarket chain D-Mart in 2002, and it has since grown to be one of India’s largest retailers, with more than 300 locations.
Damani is often referred to as the “Warren Buffett of India” because of his low-profile and thrifty way of life. He is renowned for his long-term growth focus and value-oriented approach to investing.
Damani’s wealth has increased significantly in recent years, and, according to Forbes, he is now thought to be worth $15.5 billion.
Radhakishan Damani is known for his low-profile and frugal lifestyle, which is in sharp contrast to the flashy lifestyles of many wealthy individuals.
He is often referred to as the “Warren Buffett of India” because of his investment philosophy and style, which are similar to those of the famous American investor.
Like Warren Buffett, Damani is a value investor who focuses on buying undervalued companies with strong growth potential and holding onto them for the long term.
He is known for his disciplined approach to investing and his willingness to go against the conventional wisdom of the market.
He is also a frugal person who lives modestly and avoids ostentatious displays of wealth, which is a characteristic that is consistent with Warren Buffett’s values.
Furthermore, Damani is known for his philanthropic efforts, which include supporting causes related to education and healthcare.
His frugal lifestyle and focus on creating long-term value for his shareholders and society at large have earned him the reputation of being a responsible and ethical businessman, and he is widely respected in India for his business acumen and philanthropic work.
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