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DMart Acquires Rs 117-Crore Land in Mumbai’s Chandivali: Check details

DMart has recently expanded its retail offerings beyond grocery stores as part of its recent trend of diversifying its retail offerings.

By Newsd
Published on :
DMart's Big Move

DMart’s Big Move: For over Rs 117 crore, billionaire Radhakishan Damani’s Avenue Supermarts, which owns supermarket chain DMart, has purchased 1.2 acres of land in Mumbai’s Chandivali suburb.

DMart’s expansion into India’s megacities is a direct result of this move.

DMart plans to redevelop the land into a retail center or a commercial building. Currently, it houses a ground-plus-one industrial structure.

DMart has recently expanded its retail offerings beyond grocery stores as part of its recent trend of diversifying its retail offerings.

Besides the existing floor space index (FSI) on this plot, the company has purchased 0.5 additional FSI, or permission to develop 26,000 sq ft.

A report in the Economic Times citing documents accessed through real estate data analysis platform CRE Matrix reports that billionaire Radhakishan Damani’s company paid a stamp duty of Rs 7.03 crore for the transaction on May 6.

The company acquired retail space within a residential building in Kandivali West in September 2023, indicating that it may expand into other retail segments as well.

There are DMart stores in Maharashtra, Gujarat, Andhra Pradesh, Madhya Pradesh, Karnataka, Telangana, Chhattisgarh, the National Capital Region, Tamil Nadu, Punjab, and Rajasthan.

DMart’s investment in prime Mumbai real estate reflects its confidence in the city’s retail market.

As of 12:53 pm on Monday, Avenue Supermarts shares were trading lower by Rs 76.4 or 1.59 per cent at Rs 4,718.3.

Also Read: DMart’s Quarter 3 is as normal as it can get; stock at new 52-week high

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