Radhakishan Damani, the billionaire founder of DMart, has secured a notable rental agreement with IVL Dhunseri Petrochem Industries Private Limited, leasing a luxury apartment in Mumbai's upscale Worli area. The apartment, which spans an impressive 6,831 square feet, is situated on the 19th floor of Tower B at the premium residential complex known as Three Sixty West. According to property registration documents obtained by Zapkey, the lease was finalized on September 28, 2026, for a duration of 36 months, with an initial monthly rental fee set at ₹28.5 lakh. This transaction stands as one of the most expensive rental agreements in the Mumbai real estate market.
The financial terms of the lease indicate a structured annual escalation in rent. The initial monthly rent of ₹28.5 lakh is projected to rise to ₹29.925 lakh in the second year and ₹31.42125 lakh in the third year, culminating in a total rental expenditure of approximately ₹10.78 crore over the lease's duration. For the ease of parking, the agreement also includes provision for four dedicated car parking spaces, further enhancing the apartment's appeal. The registration of this high-value transaction involved the payment of ₹2.83 lakh in stamp duty and a nominal registration fee of ₹1,000, as per the documents.
This high-profile rental agreement follows a previous deal in May 2026, when another apartment within the same luxury development was leased to One SGG Ventures LLP, associated with the Sanjay Ghodawat Group, at a monthly rate of ₹27.5 lakh. Both transactions highlight the growing demand for premium rental properties in Mumbai, particularly in affluent neighborhoods like Worli. The Sanjay Ghodawat Group is known for its extensive portfolio across various sectors, emphasizing the strategic importance of securing high-end residential spaces for executives and corporate purposes.
The tenant, IVL Dhunseri Petrochem Industries, is a significant player in the manufacturing of polyethylene terephthalate (PET) resin and operates as a joint venture between Dhunseri Ventures and Indorama Ventures Public Company Limited. The leasing entity, Derive Trading and Resorts Private Limited, is connected to the family office of Radhakishan Damani, indicating the investor's strategic approach to real estate as a component of his broader portfolio. As the real estate market in Mumbai continues to evolve, such high-value transactions are likely to set a precedent for future deals in the luxury rental segment, attracting attention from both domestic and international investors.
