DMart Expands: ₹117 Crore Land Purchase for New Mumbai Store

Avenue Supermarts, the parent company behind the popular D’Mart supermarket chain, has recently acquired a sizable land parcel spanning 52,000 sq. ft. in Chandivali, Andheri East, Mumbai, for a total of Rs 117 crore. The agreement value for this transaction stands at Rs 117.25 crore, inclusive of stamp duty, with the deal officially registered on May 6, 2024.

Situated in Chandivali, the industrial building on the purchased plot currently consists of four units on the ground floor and an additional four units on the first floor. This acquisition follows Avenue Supermarts' previous move in September 2023 when it acquired three floors of retail space within a 31-storey residential building in Kandivali West, Mumbai, for Rs 88.74 crore. The company's expansion strategy is marked by rapid growth, with an average of two new stores opening every month.

In a testament to its ambitious growth trajectory, Avenue Supermarts made significant property acquisitions in 2021, totaling Rs 400 crore. Additionally, in February 2023, family members and associates of D’Mart founder Radhakrishna Damani acquired 28 housing units valued at Rs 1,238 crore in Mumbai. Moreover, the company has been actively expanding its presence across various regions, with store openings announced in Akola (Maharashtra) and Jodhpur (Rajasthan) in July 2023, alongside new outlets in Ahmedabad and Morbi (Gujarat) during the same year.

DMart, Avenue Supermarts' flagship brand, commenced its journey with the inauguration of its first supermarket in Powai back in 2002. Since then, it has flourished into a network of 333 locations spread across Maharashtra, Gujarat, Andhra Pradesh, Madhya Pradesh, Karnataka, Telangana, Chhattisgarh, the National Capital Region (NCR), Tamil Nadu, Punjab, and Rajasthan.

News by Rahul Yelligetti