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

09 Aug 2021 CW Team

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.

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

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