Continuing its strategic growth trajectory, billionaire Radhakishan Damani’s Avenue Supermarts, which owns supermarket chain DMart, has bought a 1.2 acre of land in Mumbai’s Chandivali suburb for over Rs 117 crore. This move signifies DMart’s commitment to expanding its presence in India’s megacities.
The land, which is currently occupied, houses a ground-plus-one industrial structure. DMart is looking to redevelop the land into a retail centre or a commercial building. This aligns with DMart’s recent trend of diversifying its retail offerings beyond just grocery stores.
Apart from the existing floor space index (FSI) available on this plot, the company has purchased 0.5 additional FSI, or permission to develop 26,000 sq ft, from the civic authority.
The billionaire Radhakishan Damani-promoted company has paid a stamp duty of Rs 7.03 crore for the transaction that was registered on May 6, according to an Economic Times report citing documents accessed through real estate data analysis platform CRE Matrix.
In September 2023, it acquired retail space within a residential building in Kandivali West, hinting at potential expansion into other retail segments.
DMart has a presence across Maharashtra, Gujarat, Andhra Pradesh, Madhya Pradesh, Karnataka, Telangana, Chhattisgarh, the National Capital Region, Tamil Nadu, Punjab, and Rajasthan. This strategic investment in prime Mumbai real estate reflects DMart’s confidence in the city’s retail market potential.
Shares of Avenue Supermarts on Monday were trading lower by Rs 76.4 or 1.59 per cent at Rs 4,718.3 apiece on the BSE, as on 12:53 pm.
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