Billionaire investor and DMart founder Radhakishan Damani's firm leased its 6,831 sq ft luxury apartment in Mumbai's Worli to IVL Dhunseri Petrochem Industries Private Limited for a starting monthly rent of ₹28.5 lakh, in one of the costliest rental deals, according to property registration documents accessed by Zapkey.
The apartment is on the 19th floor of Tower B at Three Sixty West, a luxury residential development on Dr Annie Besant Road in Worli. The registered transaction was executed on September 28, 2026, for a 36-month tenure, with the tenant paying a security deposit of ₹1.71 crore. The lease also includes four car parking spaces.
According to the registration documents, the monthly rent has an annual escalation structure. The starting rent of ₹28.5 lakh a month will increase to ₹29.925 lakh in the second year and ₹31.42125 lakh in the third year. The total rent payable over the 36-month lease period is around ₹10.78 crore.
The documents show that the apartment is on a higher floor of Tower B. A stamp duty of ₹2.83 lakh and a registration fees of ₹1,000 were paid for the transaction's registration.
At ₹28.5 lakh a month, the initial monthly rent translates to roughly ₹342 lakh, or ₹3.42 crore, on an annualised basis. With the agreed escalations, the monthly outgo rises further in each subsequent year of the lease.
{{/usCountry}}At ₹28.5 lakh a month, the initial monthly rent translates to roughly ₹342 lakh, or ₹3.42 crore, on an annualised basis. With the agreed escalations, the monthly outgo rises further in each subsequent year of the lease.
{{/usCountry}}An email query was sent to Derive Trading and Resorts Private Limited, DMart and IVL Dhunseri Petrochem Industries Private Limited. The story will be updated if a response is received.
In May 2026, Billionaire investor and DMart founder Radhakishan Damani's firm, Derive Trading and Resorts Private Limited, leased another apartment in the same building to One SGG Ventures LLP, an entity of the Sanjay Ghodawat Group, for a monthly rent of ₹27.5 lakh, making it one of the city's most expensive residential rental deals, according to property registration documents accessed by Zapkey.
One SGG Ventures LLP is part of the Kolhapur-headquartered Sanjay Ghodawat Group, a diversified conglomerate with interests across sectors including energy, aviation, consumer products, education, real estate, retail and textiles.
IVL Dhunseri Petrochem Industries is a joint venture between Dhunseri Ventures and Indorama Ventures Public Company Limited (IVL). The company is engaged in the manufacture of polyethylene terephthalate (PET) resin, according to Zapkey.
The apartment has been leased from Derive Trading and Resorts Private Limited. According to the information available in the transaction records, the company is an investment entity linked to the family office of billionaire investor and DMart founder Radhakishan Damani, Zapkey said.
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DMart founder, and family's largest real estate transaction
In one of the first marquee property transactions in 2023, DMart founder Radhakishan Damani, along with his immediate family members and close associates, acquired 28 luxury apartments in Oberoi Realty's Three Sixty West project in Mumbai's Worli for a total consideration of ₹1,238 crore.
The total carpet area bought by one of India’s top retailers, his associates and companies amounts to 1,82,084 square feet, including 101 car parks.