Radhakishan Damani-linked firm leases Worli luxury apartment for ₹27.5 lakh monthly in Mumbai rental record

BENGALURU: Derive Trading and Resorts Pvt. Ltd, in which retail chain DMart founder and chairman Radhakishan Damani is a director, has leased a luxury apartment in Mumbai’s upscale Worli locality to One SGG Ventures LLP for a monthly rent of ₹27.5 lakh, in one of the most expensive residential rental transactions in recent times.

The 6,831 sq ft sea-facing apartment, which comes with four car parks, is located in Three Sixty West, one of Mumbai’s best-selling luxury housing projects developed by Oberoi Realty Ltd. The tenant will pay ₹3.3 crore in annual rent, along with a 5% escalation every year. The lease deed, signed on 27 May, is for a five-year tenure, according to real estate data platform Zapkey. The agreement also includes a security deposit of ₹1.65 crore.

For the entire tenure, the total rental payout will be roughly ₹18 crore.

SGG Ventures is part of the Kolhapur-headquartered Sanjay Ghodawat Group, which has businesses spanning energy, aviation, consumer products, education, real estate, retail and textiles.

Billionaire investor Radhakishan Damani and his family had in 2023 purchased 28 units in the Three Sixty West project for ₹1,238 crore, in one of the largest residential portfolio deals in the country.

“At nearly ₹400 per sq. ft per month, the rental value on this 360 West home matches the pricing of prime commercial office leasing in Mumbai. When an individual residence commands the same square-foot velocity as premium corporate real estate, it signals a dramatic new era for India’s ultra-luxury property market,” said Sandeep Reddy, co-founder, Zapkey.

A DMart spokesperson did not respond to queries. The Sanjay Ghodawat Group could not be immediately reached.

The luxury property market has remained strong both in outright sales and rentals. In Mumbai, India’s most expensive residential market, demand for high-end apartments in prime locations continues to drive premium leasing activity.

Last year, actor Shah Rukh Khan took two luxury duplexes on rent in Mumbai’s Pali Hill area for a combined monthly rent of ₹24.15 lakh, according to property lease documents.