Mumbai: D’Mart Purchases 52,000 Sq Ft Land In Chandivali To Develop Commercial Property

Mumbai: D’Mart Purchases 52,000 Sq Ft Land In Chandivali To Develop Commercial Property

Founded by Radhakishan Damani, Avenue Supermarts Ltd’s flagship brand D'Mart, opened its first supermarket offering home and personal products at competitive prices in Powai in 2002.

Bhalchandra ChorghadeUpdated: Saturday, May 11, 2024, 05:10 PM IST
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Avenue Supermarts Ltd, the parent company of D’Mart, that recently purchased a land parcel in Chandivali, will be developing the plot as a commercial property. According to CRE Matrix, a real estate data analytics firm, the company is likely to construct a shopping centre on the 52,000 sq ft land parcel.

While the agreement value for the 52,765 sq ft land deal is Rs 117.25 Crore, the company paid Rs 7.03 Crore as stamp duty to finalise the deal that was registered on May 6, 2024. 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.

According to agreement, the NSE listed company has already got an extra FSI of 0.5 from Municipal Corporation of Greater Mumbai (MCGM) and now has FSI of more than 1 lakh sq ft to develop the land parcel. All efforts to get the comments from Avenue Supermarts proved futile.

In September 2023, the company had purchased three floors of retail space in a 31-storey residential building in Kandivali West for Rs 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.

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

In February 2023, in what is perhaps the biggest property deal in the country, as many as 28 housing units worth Rs 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 Rs 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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