D'Mart buys 52,000 sq ft land parcel in Mumbai for ₹117 crore. Here are the details - Hindustan Times
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D'Mart buys 52,000 sq ft land parcel in Mumbai for 117 crore. Here are the details

May 10, 2024 05:03 PM IST

The agreement value for the 52,765 sq ft land deal is around ₹117 crore and the stamp duty paid by D'Mart is ₹7.03 crore, documents showed

Avenue Supermarts Ltd, the parent company of D’Mart supermarket chain, has purchased a 52,000 sq ft land parcel in Chandivali, Andheri East in Mumbai for 117 crore, documents accessed by CREMatrix showed.

Avenue Supermarts Ltd, the parent company of D’Mart supermarket chain, has purchased a 52,000 sq ft. land parcel in Chandivali, Andheri East in Mumbai for <span class='webrupee'>₹</span>117 crore (Photo dmartindia.com)
Avenue Supermarts Ltd, the parent company of D’Mart supermarket chain, has purchased a 52,000 sq ft. land parcel in Chandivali, Andheri East in Mumbai for 117 crore (Photo dmartindia.com)

The agreement value for the 52,765 sq ft land deal is 117.25 crore and the stamp duty paid by Avenue Supermarts Ltd is 7.03 crore. The deal was registered on May 6, 2024.

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Also Read: Avenue Supermarts buys 45k sq ft space in Mumbai for 88.74 crore

The document showed that the industrial building on the plot currently includes four units on the ground floor and four units located on the first floor.

An email has been sent to D’Mart.

In September 2023, Avenue Supermarts Ltd, had purchased three floors of retail space in a 31-storey residential building in Kandivali West for 88.74 crore.

Also Read: Avenue Supermarts buys 45k sq ft space in Mumbai 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 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 listed company, it is expanding its footprint rapidly with an average of two stores opening every month. In July 2023, it announced the opening of stories in Akola in Maharashtra, and Jodhpur in Rajasthan. In August 2023, it opened stores in Ahmedabad, and Morbi in Gujarat, according to its regulatory filings on the stock exchanges.

Also Read: Radhakishan Damani is richer by over 2,600 crore as DMart shares rally

In 2021, the Avenue Supermarts acquired seven properties worth 400 crore as the retail chain set off on a property shopping binge during the COVID-19 pandemic.

Also Read: Worli ‘distress sale’: Damani daughters among 28 buyers

In February 2023, in what is perhaps the biggest property deal in the country, as many as 28 housing units worth 1,238 crore were bought by family members and associates of D’Mart founder Radhakrishna Damani in Mumbai. The deal came close on the heels of the Budget 2023 proposals under which a 10-crore cap was imposed on the reinvestment of capital gains from the sale of long-term assets, including housing property.

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  • ABOUT THE AUTHOR
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    Vandana Ramnani is editor, real estate, HT Digital. She has reported extensively on residential and commercial real estate. She can be reached at vandana.ramnani@htdigital.in

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