DMart buys land worth Rs 117 crore in Chandivali, Mumbai; check details

Continuing its strategic growth path, billionaire Radhakishan Damani's Avenue Supermarts, which owns supermarket chain DMart, has bought 1.2 acres of land in Mumbai's Chandivali suburb for over Rs 117 crore. The move reflects DMart's commitment to expand its presence across India's metros.

The land, which is currently occupied, is a ground-plus-forest industrial structure. DMart wants to redevelop this land as a retail center or commercial building. This is in line with DMart's recent trend of diversifying its retail offerings beyond just grocery stores.

In addition to the existing floor space index (FSI) available on this plot, the company has purchased permission from the civic authority to develop an additional 0.5 FSI, or 26,000 sq. ft.

According to one, the billionaire Radhakishan Damani-promoted company has paid stamp duty of Rs 7.03 crore for the transaction registered on May 6. Economic Times The report cites documents obtained through real estate data analytics platform CRE Matrix.

In September 2023, it acquired retail space within a residential building in Kandivali West, indicating possible expansion into other retail areas.

DMart has presence in Maharashtra, Gujarat, Andhra Pradesh, Madhya Pradesh, Karnataka, Telangana, Chhattisgarh, National Capital Region, Tamil Nadu, Punjab and Rajasthan. This strategic investment in prime Mumbai real estate reflects DMart's confidence in the potential of the city's retail market.

Shares of Avenue Supermarts closed at Rs 4,691.3, down Rs 103 or 2.16 per cent on the BSE on Monday.

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  • Mohammad Haris

    Haris is the Deputy News Editor (Business) at He writes on various issues

    first published: 13 May 2024, 12:54 IST

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