DMart acquires Rs 71.50 cr retail space in Mumbai’s Goregaon
Real Estate

DMart acquires Rs 71.50 cr retail space in Mumbai’s Goregaon

Retail major DMart has acquired retail space worth over Rs 71.50 crore from property developer Silver Moon Constructions at its project Vicino in the Goregaon suburb of Mumbai.

Radhakishan Damani’s company Avenue Supermarts remains to snap up retail properties to support its plan of growth and expansion.

Avenue Supermarts, which owns a retail chain DMart, has bought a total of 35,000 sq ft spread across two floors in the project. The company will also get exclusive access to 49 car parks in this tower, as part of the transaction.

The deal was ended on March 31, the last day to avail of the advantages of reduced stamp duty as announced by Maharashtra's government. The company has spent over Rs 2.14 crore as stamp duty for the deal registration.

Over the last few months, Damani, known as an astute investor, has been picking up real estate assets, irrespective of the ongoing Covid-19 pandemic, across top Indian cities that have emerged as major consumption centers.

In Mumbai, Avenue Supermarts has bought four to five properties including retail space and land parcels costing over Rs 1,000 crore including an 8-acre land parcel in Thane from Mondelez India.

In Goregaon, the company has recently acquired 40,000 sq ft retail space costing about Rs 100 crore from Sunteck Realty at its upcoming project Sunteck City in the Goregaon suburb of Mumbai.

The retail chain has also bought two properties in Hyderabad, one in Pune and Bangalore each.

The value of these deals, in addition to the personal property of Damani buys, is above Rs 2,000 crore.

Image Source


Also read: Promoters of JB Chemicals buy luxury property in Mumbai at Rs 138 cr

Retail major DMart has acquired retail space worth over Rs 71.50 crore from property developer Silver Moon Constructions at its project Vicino in the Goregaon suburb of Mumbai. Radhakishan Damani’s company Avenue Supermarts remains to snap up retail properties to support its plan of growth and expansion. Avenue Supermarts, which owns a retail chain DMart, has bought a total of 35,000 sq ft spread across two floors in the project. The company will also get exclusive access to 49 car parks in this tower, as part of the transaction. The deal was ended on March 31, the last day to avail of the advantages of reduced stamp duty as announced by Maharashtra's government. The company has spent over Rs 2.14 crore as stamp duty for the deal registration. Over the last few months, Damani, known as an astute investor, has been picking up real estate assets, irrespective of the ongoing Covid-19 pandemic, across top Indian cities that have emerged as major consumption centers. In Mumbai, Avenue Supermarts has bought four to five properties including retail space and land parcels costing over Rs 1,000 crore including an 8-acre land parcel in Thane from Mondelez India. In Goregaon, the company has recently acquired 40,000 sq ft retail space costing about Rs 100 crore from Sunteck Realty at its upcoming project Sunteck City in the Goregaon suburb of Mumbai. The retail chain has also bought two properties in Hyderabad, one in Pune and Bangalore each. The value of these deals, in addition to the personal property of Damani buys, is above Rs 2,000 crore. Image Source Also read: Promoters of JB Chemicals buy luxury property in Mumbai at Rs 138 cr

Next Story
Infrastructure Urban

Madurai Corporation Proposes Rs 1,400 Million Plan to Save Vaigai River

In a renewed effort to tackle pollution, the Madurai Corporation has submitted Rs 1,400 million proposal to the state government to upgrade the city’s drainage network and prevent untreated sewage from entering the Vaigai River. The proposal follows growing public concern over the river’s deteriorating condition despite previous mitigation efforts. The Vaigai flows for nearly 12 km within Madurai city limits, with sections obstructed by invasive plants, garbage, and untreated sewage. While multiple inlets contribute to contamination, the Panthalkudi canal in Goripalayam has been identifi..

Next Story
Infrastructure Urban

Daikin Boosts Haryana’s Innovation Push with Rs 10 billion R&D Plan

Japanese multinational Daikin Industries has committed an investment of Rs 10 billion to set up a new research and development centre in Haryana. The proposed facility will focus on advanced technologies and sustainable industrial solutions, marking a significant boost to the state’s innovation and industrial ecosystem. The announcement follows the signing of a Memorandum of Understanding (MoU) in Osaka, Japan, during a visit by a Haryana government delegation held from October 6 to 8. The MoU was signed by Amit Kumar Agrawal, Commissioner and Secretary, Industries and Commerce Department, ..

Next Story
Building Material

Lloyds Metals to Build Rs 250 billion Steel Plant in Gadchiroli

Lloyds Metals & Energy Limited (LMEL) has announced an investment of Rs 250 billion aimed at transforming Gadchiroli in Maharashtra from a region once associated with the red corridor into a key industrial and growth hub. The company’s plans are centred on establishing an integrated steel production ecosystem, which will contribute significantly to regional development and employment. As part of its expansion strategy, LMEL is setting up a 4.5-million-tonne blast furnace in Gadchiroli, scheduled for completion by 2027–28, along with another 1.2-million-tonne facility in Chandrapur by 2029..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?