The parent company of the well-known DMart supermarket chain, Avenue Supermarts has acquired a plot of land in Chandivali, Andheri East, Mumbai, as part of its ongoing strategic expansion. The recent purchase of the 52,765 square feet property for ₹117 crore highlights the company’s dedication to strengthening its presence in the market. According to documents accessed by CRE Matrix, the deal was finalized on May 6, 2024, and Avenue Supermarts Ltd paid ₹7.03 crore in stamp duty for the transaction.
At the moment, this property is home to an industrial ground-plus-one building. It is located in an industrial zone, and the company plans to turn it into a retail center or a commercial structure. The acquisition increases Avenue Supermart’s already remarkable stockpile which consists of a wide range of properties across Maharashtra, Gujarat, Andhra Pradesh, Madhya Pradesh, Karnataka, Telangana, Chhatisgarh, National Capital Region, Tamil Nadu, Punjab, and Rajasthan. Radhakishan Damani founded Avenue Supermart Ltd’s major brand DMart and began its operations in 2002. From just one store located in Powai, Mumbai, DMart has over 333 stores across different locations.
Avenue Supermart Ltd’s recent acquisition perpetuates its strategic property investment trend. September 2023 marked the purchase of three levels of retail space within a 31-storey residential building in Kandivali West for ₹88.74 crore. These ventures indicate the company’s intent to diversify its retail offerings and address the evolving needs of consumers.
DMart has witnessed rapid growth with two new stores opening on average each month. It announced in July 2023 that stores would be opened in Jodhpur, Rajasthan, and Akola, Maharashtra. In August 2023, it inaugurated retail locations in Ahmedabad and Morbi, Gujarat, as per its regulatory disclosures on stock markets.
This planned expansion follows a string of real estate purchases by Avenue Supermarts Ltd. totaling ₹400 crores amid the COVID-19 pandemic in 2021. These investments show how resilient and strategically astute the business is in managing difficult market situations. Additionally, family members and colleagues of D’Mart founder Radhakrishna Damani purchased up to 28 home units worth ₹1,238 crore in Mumbai in February 2023, in what may be the largest real estate transaction in the nation. The agreement was reached not too long after the Budget 2023 plans were made, which capped capital gains from the sale of long-term assets, such as real estate, at ₹10 crore.
The company’s plan, for growth is in line with its goal of offering customers access to high-quality products at prices. Avenue Supermarts Ltd is strengthening its market position and promoting long-term success by adding outlets and diversifying its retail offerings.
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