The Mumbai-based businessman, worth an estimated $2.35 billion according to Forbes, is believed to be paying about $13 million for a prominent residential development site at 312 Beaconsfield Parade, on the corner of Fraser Street.
The site was sold by boutique developer Fridcorp, which paid $8 million for it in December and obtained a planning approval for Pearl, a landmark, five-level apartment building. Fridcorp director Paul Fridman declined to comment.
Wadhawan Group spokesperson Raj Savlok was unavailable for comment.
Since May, the Wadhawan Group has snapped up two other sites in Melbourne: one in Darling Street, South Yarra, for $4 million, and the other the "City Road Wedge" site in Southbank for $40 million, where it is proposing a $600million project of apartments, shops and a hotel.
Vinci Carbone Property director Joseph Carbone, who sold the Southbank site, said he expected the Wadhawan Group to slow its Melbourne spending spree.
"They have acquired all they are going to acquire for the moment," he said.
"They now have a view to focusing on the development of these projects."
Jones Lang LaSalle director Dominic Gibson, who sold the Beaconsfield Parade site, said he expected the Wadhawan Group to build Pearl, adding that a Wadhawan director had his sight set on the penthouse.
Wadhawan Group chairman Kapil Wadhawan was in town earlier this month, meeting Victorian Industry and Trade Minister Theo Theophanous to discuss better economic ties between India and Australia. Rakesh Wadhawan’s other business interests are in housing finance, food, beverages and groceries.