Radhakishan Damani's DMart buys retail space in Mumbai
Real Estate

Radhakishan Damani's DMart buys retail space in Mumbai

Avenue Supermarts, the company behind the national supermarket chain D-Mart, continues to execute its expansion strategy with the recent acquisition of approximately 50,000 square feet of commercial space, spanning four floors within a residential tower in Mumbai's Kandivali suburb. This strategic move involves the purchase of more than 17 commercial units from ground to the second floor of the tower, amounting to an investment exceeding Rs 88.74 crore, with the intention of establishing a hypermarket store. These properties have been acquired from the project developer, Gauri Land Developers LLP, and other stakeholders.

Management at Avenue Supermarts, led by billionaire Radhakishan Damani, has conveyed to analysts their commitment to maintaining a pace of opening 40 stores in the current fiscal year, underscoring the retailer's continued emphasis on store expansion. Just this week, the company inaugurated a new store in Morbi, Gujarat, elevating its total count of supermarket outlets to 333.

As part of this transaction, Avenue Supermarts has fulfilled its stamp duty obligations, amounting to Rs 4.04 crore, during the registration process that took place on August 24, according to documents sourced via Propstack. Furthermore, the deal grants the company exclusive access to 44 car parking spaces within the Gauri Excellency tower. In the fiscal year 2022-23, Avenue Supermarts expanded its retail footprint by 1.9 million square feet nationwide, achieving sales per square foot averaging Rs 31,000.

Avenue Supermarts, the company behind the national supermarket chain D-Mart, continues to execute its expansion strategy with the recent acquisition of approximately 50,000 square feet of commercial space, spanning four floors within a residential tower in Mumbai's Kandivali suburb. This strategic move involves the purchase of more than 17 commercial units from ground to the second floor of the tower, amounting to an investment exceeding Rs 88.74 crore, with the intention of establishing a hypermarket store. These properties have been acquired from the project developer, Gauri Land Developers LLP, and other stakeholders.Management at Avenue Supermarts, led by billionaire Radhakishan Damani, has conveyed to analysts their commitment to maintaining a pace of opening 40 stores in the current fiscal year, underscoring the retailer's continued emphasis on store expansion. Just this week, the company inaugurated a new store in Morbi, Gujarat, elevating its total count of supermarket outlets to 333.As part of this transaction, Avenue Supermarts has fulfilled its stamp duty obligations, amounting to Rs 4.04 crore, during the registration process that took place on August 24, according to documents sourced via Propstack. Furthermore, the deal grants the company exclusive access to 44 car parking spaces within the Gauri Excellency tower. In the fiscal year 2022-23, Avenue Supermarts expanded its retail footprint by 1.9 million square feet nationwide, achieving sales per square foot averaging Rs 31,000.

Related Stories

Gold Stories

Next Story
Resources

Schindler named among Forbes’ World’s Best Employers 2026

Schindler has been named among Forbes’ World’s Best Employers 2026, a global ranking recognising companies for their workplace environments.Compiled by Forbes in partnership with Statista, the ranking is based on independent employee feedback, including whether employees would recommend their organisation to friends and family.The company said the recognition reflected its focus on creating a workplace where employees can develop their expertise and build careers. ..

Next Story
Infrastructure Urban

India needs an export-execution mindset: Vishesh Jain

Interview with Vishesh Jain, Founder & CEO, EximpleWhat gaps in India’s global trade ecosystem led you to build Eximple, and what problem did you see businesses struggling with most?Eximple came out of a problem that all three founders had seen from different choke points in the trade ecosystem. India has millions of MSMEs and manufacturers, and many of them can make products that are genuinely competitive on quality. Yet only a small fraction is able to build meaningful international businesses. In our experience, the gap is usually not manufacturing capability; it is the ability to exe..

Next Story
Building Material

Nuvoco reports 13.5% revenue growth in Q2 FY27

Nuvoco Vistas Corp. Ltd. reported consolidated revenue of Rs 27.9 billion for Q2 FY27, up 13.5% year on year. Cement sales volume rose 9% to 4.7 million tonnes (MMT), while EBITDA increased 11% to Rs 4.11 billion.The company said it began its cement operations in 2014 with a 2.3 MMT per annum (MMTPA) operation at Nimbol. It now aims to reach 35 MMTPA of cement capacity by FY28, nearly 15 times its initial capacity. Its portfolio spans cement, ready-mix concrete and modern building materials.On sustainability and cost efficiency, Nuvoco partnered with CleanMax for a 46.4 MW wind-solar hybrid re..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code