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Avenue Supermarts Ltd, the parent company of the popular D’Mart supermarket chain, has made a significant real estate acquisition in Mumbai. The company purchased three floors of retail space in a 31-storey residential building located in Kandivali West for a total of ₹88.74 crore. This transaction, finalized on August 24, includes 45,876.92 square feet of space on the ground, first, and second floors of Gauri Residency in Kandivali’s Babrekar Nagar.
According to the sale agreement between the project promoters, Gauri Land Developers LLP, and Avenue Supermarts Ltd, the supermarket chain has acquired various units within the building. This includes three units in the basement, three units on the ground floor, three units on the first floor, and eight units on the second floor of the under-construction 31-storey building. Gauri Residency is a registered project under the Real Estate (Regulation and Development) Act (RERA), with a revised possession date set for December 31, 2023.
The total carpet area of the 17 acquired units is approximately 45,876.92 square feet, with a built-up area of 47,235.77 square feet. Avenue Supermarts also paid a stamp duty of ₹4.04 crore for this transaction. Additionally, the deal includes 44 parking spaces.
Avenue Supermarts Ltd, founded by Radhakishan Damani, has rapidly expanded its flagship brand DMart, which offers home and personal products at competitive prices. Since opening its first supermarket in Powai in 2002, DMart has grown to encompass 333 locations across multiple states in India. The company continues to expand, with an average of two new stores opening every month.
In February 2023, Radhakishan Damani made headlines with the year’s largest real estate deal in Mumbai. He purchased 28 sea-facing apartments in the luxury project Oberoi Three Sixty West in Worli for a staggering ₹1,238 crore. This deal included a total carpet area of 1,82,0684 square feet and 101 car parking spaces.
Avenue Supermarts Ltd’s recent acquisition of retail space in Kandivali West further emphasizes its commitment to expansion and strengthening its presence in the retail sector.
Sources By Agencies
