DMart’s Parent Company Acquires 17 Commercial Units Worth Rs 88.74 Cr in Mumbai

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Last Updated: September 08, 2023, 13:36 IST

DMart founder Damani sealed a big deal in February this year when he purchased 28 luxurious, sea-facing apartments in Mumbai

DMart founder Damani sealed a big deal in February this year when he purchased 28 luxurious, sea-facing apartments in Mumbai

The commercial spaces are parts of a 31-storey residential tower located in Kandivali West.

Avenue Supermarts Limited, which owns and runs the national supermarket chain DMart continues to solidify its base in Mumbai as the company has recently purchased as many as 17 commercial spaces in the City of DAvenue Supermartsreams. The properties are estimated to be worth Rs 88.74 crore, real estate data and analytics firm Propstack revealed after analysing the documents. The commercial spaces are parts of a 31-storey residential tower located in Kandivali West.

Among the acquired units, three are in the basement and eight are on the second floor of the Gauri Residency in Babrekar Nagar, while the other six spaces are spread across the first and third floors. Avenue Supermarts bought the properties from Gauri Land Developers. The transaction and other agreement details were registered on August 24, according to Propstack. As part of the deal, the company will also get access to 44 parking slots along with the carpet area.

Construction works are still underway in the Gauri Residency, which is registered under Maharashtra’s Real Estate Regulatory Authority (RERA). The scheduled possession date for this property is December 31 of this year. The total carpet area of Avenue Supermarts’ 17 purchased spaces is 45,876.92 square feet, while the built-up area totals 47,235.77 square feet. The company additionally submitted a stamp duty amounting to Rs. 4.04 crore for the overall transactions.

The management of Avenue Supermarts, which is owned by billionaire Radhakishan Damani, recently informed analysts that they aim to continue building 40 outlets each year since store expansion still remains a top priority for the retailer. The main brand of Avenue Supermarts, DMart, opened its first supermarket in Powai back in 2002. The store is dedicated to selling home accessories and personal products at pocket-friendly prices.

Earlier in July, the company opened new stores in Jodhpur, Rajasthan, and Akola, Maharashtra, before launching outlets in Gujarat’s Morbi and Ahmedabad last month. Counting them, Avenue currently runs a total of 333 supermarts across the country. Apart from these states, the retailer runs a number of supermarkets in Andhra Pradesh, Madhya Pradesh, Karnataka, Telangana, Chhatisgarh, the National Capital Region (NCR), Tamil Nadu and Punjab.

DMart founder Damani sealed a big deal in February this year when he purchased 28 luxurious, sea-facing apartments in Mumbai, especially for his family members and close associates. The properties are located in the Oberoi Three-Sixty West in Worli and are estimated to be worth Rs 1,238 crore. The units having a total carpet area of 1,82,0684 sq ft also come with 101 car parking.

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