Avenue Supermarts buys 45k sq ft space in Mumbai for ₹88.74 crore

The company which runs DMart supermarket chain has purchased 17 commercial units in the residential building in Kandivali west

Mumbai: Avenue Supermarts Ltd, the parent company of D’Mart supermarket chain, has purchased three floors of retail space in a 31-storey residential building in Kandivali West for ₹88.74 crore.

Founded by Radhakishan Damani, Avenue Supermarts Ltd’s flagship brand DMart opened its first supermarket offering home and personal products at competitive prices in Powai in 2002. (Photo dmartindia.com)

The transaction registered on August 24 involves 45,876.92 sq ft space on the ground, first and second floor of Gauri Residency in Kandivali’s Babrekar Nagar, according to registration documents accessed and shared by Propstack.com.

According to the agreement for sale between the project promoters Gauri Land Developers LLP and Avenue Supermarts Ltd, the supermarket chain has purchased three units in the basement of the building, three units on the ground floor, three units on the first floors, and eight units on the second floor of the 31-storey under-construction building, according to the documents. Gauri Residency is a RERA registered project with a revised possession date of December 31, 2023.

The total carpet area of 17 units purchased spans 45,876.92 sq ft and Built up Area is spread across 47,235.77 sq ft. Avenue Supermarts also paid a stamp duty of ₹4.04 crore for the transactions. The deal comes with 44 car parkings, according to the documents.

Founded by Radhakishan Damani, Avenue Supermarts Ltd’s flagship brand DMart opened its first supermarket offering home and personal products at competitive prices in Powai in 2002 and has expanded to 333 locations in Maharashtra, Gujarat, Andhra Pradesh, Madhya Pradesh, Karnataka, Telangana, Chhatisgarh, National Capital Region, Tamil Nadu, Punjab and Rajasthan. A list company, it is expanding its footprint rapidly with an average of two stores opening every month. In July, it announced the opening of stories in Akola in Maharashtra, and Jodhpur in Rajasthan. In August, it opened stores in Ahmedabad, and Morbi in Gujarat, according to its regulatory filings on the stock exchanges.

The DMart founder had sealed the biggest real estate deal this year in February 2023 in Mumbai with the purchase of 28 sea-facing apartments for his family members, and close associates in the luxury project Oberoi Three Sixty West in Worli for ₹1,238 crore. The deal which collectively spanned a carpet area of 1,82,0684 sq ft included 101 car parks.