Trending:

DMart's Parent Company Avenue Supermarts Invests In Mumbai Plot For Massive Rs 117 Crore - Details

The purchased plot currently hosts a ground-plus-one industrial structure within the industrial zone. Avenue Supermarts intends to transform this property into either a retail shopping center or a commercial building, leveraging its prime location and potential for development. Additionally, the company has secured permission to develop an additional 26,000 sq ft, augmenting its expansion plans.

Times Now Digital

Updated May 10, 2024, 20:42 IST

Avenue Supermarts Ventures Further with Purchase of Prime Mumbai Plot (Image Source: IANS)

Avenue Supermarts, the company behind the popular DMart supermarket chain, has made a significant investment by acquiring a 1.2-acre plot in Mumbai's Chandivali suburb for over Rs 117 crore, according to The Economic Times report.

The report added that the documents accessed through the real estate data analysis platform CRE Matrix reveal that the transaction, registered on May 6, involved a stamp duty payment of Rs 7.03 crore.

The company has consistently emphasised store expansion as a pivotal aspect of its growth strategy. With a target of opening 40 outlets annually, Avenue Supermarts has been actively expanding its presence in key markets. Recently, it inaugurated a new store in Abrama, Gujarat, bringing its total store count to 367.

Unlike some competitors that rely on leasing models for expansion, Avenue Supermarts typically opts for outright property acquisitions. This approach affords the company greater control over its real estate assets, enabling it to tailor developments to its specific requirements.

By the close of the 2023-24 financial year, Avenue Supermarts boasted a total retail business area of 15.1 million sq ft, marking an addition of 41 stores spread over 1.8 million sq ft during the fiscal year. Impressively, the company reported revenue of Rs 32,941 per sq ft from its retail business area.

Financially, Avenue Supermarts demonstrated robust performance, with a net profit of Rs 2,536 crore for the fiscal year 2023-24, representing a notable increase from the previous year's Rs 2,378 crore. Revenue also witnessed a substantial uptick, rising to Rs 50,789 crore from Rs 42,840 crore.

Since its inception in 2002 with the opening of its first store in Mumbai's Powai suburb, Avenue Supermarts has steadily expanded its presence across multiple states in India. Today, it operates stores in Maharashtra, Gujarat, Andhra Pradesh, Madhya Pradesh, Karnataka, Telangana, Chhattisgarh, the National Capital Region, Tamil Nadu, Punjab, and Rajasthan.

Latest News