Avenue Supermarts Ltd acquires 52,000 Sq Ft land parcel in Mumbai for Rs.117 crore

Avenue Supermarts Ltd acquires 52,000 Sq Ft land parcel in Mumbai for ₹117 crore

Avenue Supermarts Ltd acquires 52,000 Sq Ft land parcel in Mumbai for ₹117 crore

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Avenue Supermarts Ltd, the parent company of the popular retail brand DMart, has made a significant real estate investment with the purchase of a 52,765 square foot land parcel in Mumbai. The deal, valued at approximately ₹117 crore, was finalized on May 6, 2024, with Avenue Supermarts Ltd paying a stamp duty of ₹7.03 crore.

The acquired land parcel, located in Mumbai, is slated to bolster Avenue Supermarts Ltd’s presence in the region and contribute to its ongoing expansion efforts. The industrial building situated on the plot currently comprises four units on the ground floor and an additional four units on the first floor, according to documents.

This acquisition marks yet another strategic move by Avenue Supermarts Ltd to strengthen its foothold in the retail sector. Founded by Radhakishan Damani, the company’s flagship brand DMart has been synonymous with offering home and personal products at competitive prices since its inception in 2002. 

Over the years, DMart has expanded its presence to 333 locations across multiple states, including Maharashtra, Gujarat, Andhra Pradesh, Madhya Pradesh, Karnataka, Telangana, Chhattisgarh, the National Capital Region, Tamil Nadu, Punjab, and Rajasthan.

As a publicly listed company, Avenue Supermarts Ltd continues to pursue aggressive growth strategies, with an average of two new stores opening every month. Recent expansions include store openings in Akola, Maharashtra, and Jodhpur, Rajasthan, in July 2023, followed by openings in Ahmedabad and Morbi, Gujarat, in August 2023.

The acquisition of the 52,000 sq ft land parcel adds to Avenue Supermarts Ltd’s existing portfolio of properties, which saw significant expansion during the COVID-19 pandemic. In 2021 alone, the company acquired seven properties worth ₹400 crore as part of its property acquisition spree.

This latest transaction underscores Avenue Supermarts Ltd’s commitment to expanding its retail footprint and further solidifies its position as a key player in the Indian retail landscape. With continued investments in strategic real estate assets, the company remains well-positioned for sustained growth and success in the dynamic retail market.