DMART buys land in Mumbai's Chandivali 

Avenue Supermarkets that owns and operates the DMart https://www.dmartindia.com/ supermarkets chain gas purschased a 1.2-acre plots in Mumbai's Chandivali suburb for over Rs 117 crore, as the company continues to acqurie properties as part of it's growth strategy. The land currently houses a ground-plus one industrial structure.The plot falls under the industrial zone and the compony is looking to develop it s either a retail shopping centre or a commerical building. Apart from the existing floor space index ( FSI ) https://fsi.nic.in/ available on the plot, the company has purchased 2.5 additional FSI, or permission to develop 26,000 sqft, from the civic authority.

The billionaire Radhakishan Damani promotes company has paid a stampduty of Rs 7.03crore for the transaction that was registered on May 6, accroding to documents accessed through real estate data analysis platform CRE Matrix https://www.crematrix.com/

Avenue Supermarkets and Damani did not respond to emails seeking comment till the time of going to press. The company management had last year told analysts that it was planning to mantain its target of opening 40 outlets in financial year, as store expansions has been a key focus area for the retailer. Avenue Supermarkets opened its first store in 2002 in the Powai suburb of Mumbai.It currently operates stores in Maharashtra, Gujarat, Andhara Pradesh, Madhya Pradesh, Karanataka, Telanagana,Chhattisgarh, the National Capital Region, Tamil Nadu, Punjab and Rajasthan. The Mumbai-headquartered company owns brands like DMart https://www.dmartindia.com/, DMart Minimax  , DMart Premia, DHomes, and Dutch Harbour. 

https://www.livehomes.in/news_letter