Billionaire Radhakishan Damanis DMart Makes a Major Move, Acquires Mumbai Retail Space for Rs 89 Crore

Billionaire Radhakishan Damanis DMart Makes a Major Move, Acquires Mumbai Retail Space for Rs 89 Crore

Avenue Supermarts, the parent company overseeing the nationally recognized supermarket chain D-Mart, persists in implementing its growth plan by broadening its real estate holdings. In a recent development, the company has procured around 50,000 square feet of commercial space spanning four levels within a residential tower situated in Kandivali, a Mumbai suburb. Read SURFACES REPORTER (SR)’s complete report below:

This acquisition encompasses 17 commercial units, extending from the ground floor to the tower's second level, representing an investment exceeding Rs 88.74 crore. These properties will serve as the foundation for establishing a hypermarket store and have been acquired from various sources, including Gauri Land Developers LLP, among others.

The company, led by billionaire Radhakishan Damani, has said it will open 40 new stores this year, and they're really focusing on expanding their stores. They just opened one in Morbi, Gujarat, which is now their 333rd store.

They also paid some fees to make it official. They even got some parking spaces in the Gauri Excellency Tower as part of the deal. 

Last year, they made their stores bigger by 1.9 million square feet. The CEO, Neville Noronha, thinks regular stores are still a great business, and they are very optimistic about it. They tried to ask Damani and Noronha for more information, but they haven't answered yet. 

Unlike other stores, Avenue Supermarts usually buys the buildings instead of renting them. They started in Mumbai in 2002 and now have stores all over India. They have different store brands too. In the news, Damani and his family have been buying expensive properties, like luxury apartments in central Mumbai and a big house in south Mumbai.

Keep reading SURFACES REPORTER for more such articles and stories.

You may also like to read about:

Irregular Bamboo Lattice Wraps This Brazil House On Three Sides | Sustainable Architecture

A Luxurious 2-BHK in Dubai Where Art Meets Design | Soni Vipul Designs

and more...

×
×

Post Your Comment


"Content that powers your Business. News that keeps you informed."

Surfaces Reporter is one of India's leading media in Print & Digital Telecast for News on Interiors & Architecture Projects, Products, Building Materials, and the Business of Design! Since 2011, it serves as a referral for designers & architects to know about inspiring projects and source new products. If you have a Product or Project worth publishing in Surfaces Reporter, please email us hello@surfacesreporter.com or you can also submit your project online.

Like Surfaces Reporter on Facebook | Follow us on Twitter and Instagram | Subscribe to our magazine | Sign Up for the FREE Surfaces Reporter Magazine Newsletter

SAVA Transforms Neglected Retail Store with Stunning Fiber-Reinforced Concrete Planter Facade | Vietnam

SAVA uses modules and fibre-reinforced concrete planters to create a unique design on the facade, with plenty of greenery both inside and out to create a tropical paradise.

Read more

This Luxury Retail Store in Punjab is Reviving the Old-World Charm of Traditional Havelis | Bora Da

This retail store was designed by Udaai Batra and Navneet Kaur of Bora Da with the nostalgia of a United Punjab and its cultural influences in mind.

Read more

Mumbai’s Iconic Kaali Peeli Taxi Inspired the Design of Apples First Retail Store in India | Latest Pics

Featuring the iconic Kaali Peeli taxi art exclusive to Mumbai, the design of the new retail store dubbed Apple BKC is formed from the eye-catching, colourful decals displaying Apple products and services.

Read more

Traditional Indian Step Wells Come Alive in Mumbai Retail Store by SJK Architects | Forest of Chintz | Mumbai

SJK Architects’ design for the flagship store of Forest of Chintz in Mumbai brings alive India’s glorious, ancient step wells.

Read more


This is alt