Dmart buys retail space worth Rs 100 cr from Sunteck in Goregaon

Billionaire investor Radhakishan Damani’s company Avenue Supermarts has purchased retail space worth around Rs 100 cr from property developer Sunteck Realty at its upcoming project Sunteck City in Goregaon suburb of Mumbai, said people with direct knowledge of the development. Avenue Supermarts that owns retail chain Dmart has purchased about 40,000 sq ft retail space spread over three floors in the under-construction 18-storey commercial tower being constructed by the developer as part of its larger layout Oshiwara District Center (ODC). The deal is valued at Rs 25,000 per sq ft, and the entire retail space is anticipated to be given in the subsequent few months, said one of the persons mentioned above. In Mumbai alone, Avenue Supermarts has acquired four to five properties comprising retail space and land parcels of above Rs 1,000 cr comprising an eight-acre land parcel in Thane from Mondelez India, earlier known as Cadbury India. Apart from Mumbai, the retail chain has also purchased two properties in Hyderabad, one each in Pune and Bangalore. The price of these deals plus Damani’s personal property purchases is about Rs 2,000 cr. Earlier, the company procured a 1.5-acre land parcel on LBS Marg in Mumbai’s Bhandup suburb that has been purchased for Rs 81 cr. In March, the company had acquired two floors spread over 39,000 sq ft in an under-construction project in the Chembur suburbs of Mumbai for Rs 113 cr in a similar deal. The retail company has been working on expansion projects for DMart stores, and much of these properties acquired by the company will be used for building its presence over several micro-markets, covering new locations. Following the launch of its first store in the Powai suburbs of Mumbai in 2002, the DMart chain now has a presence in 221 places in Gujarat, Andhra Pradesh, Maharashtra, Karnataka, NCR, Madhya Pradesh, Telangana, Chhattisgarh, Tamil Nadu, Punjab, Rajasthan and Tamil Nadu. The company has added nine stores to its portfolio in the financial year 2020-21 and has turned two stores into fulfilment centres (FC) to increase its e-commerce business. Image Source Also read: Sustainable design for retail spaces Also read: Phoenix Mills, Singapore’s GIC form JV to invest in retail properties in India