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Avenue Supermarts buys retail space in Chembur for Rs 113 cr

Monday, 22 Mar 2021
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Avenue Supermarts which formally owns the retail chain DMart has bought two floors spread over 39,000 sq ft in the Wadhwa Group’s under-construction project, The Epicenter, in Chembur suburb of Mumbai, Maharashtra, for more than Rs 113 crore.

The company has paid stamp duty charges worth Rs 2.26 crore for the transaction concluded recently. Along with this retail space on the ground and first floors, Avenue Supermarts will also get access to 78 car parking slots. The deal stands out because the usual industry practice is to lease retail spaces.

The project is being developed on a two acre land parcel that was acquired from beverage and consumer goods firm PepsiCo India. The Wadhwa Group is jointly developing a mixed-used project with South India-based developer Salarpuria Sattva Group on this plot.

Both have recently launched a new project, Dukes Horizon, alongside a commercial project, The Epicentre, on the same plot. The developers hold 50 percent equity each in the project and are responsible for all the functions from construction to designing and marketing.

All the approvals for the project are in place and the two-acre plot, which was acquired for around Rs 200 crore, will have around five lakh sq ft of residential and commercial development.

After the launch of its first store in Powai suburb of Mumbai in 2002, the DMart chain has presence in 221 locations across Maharashtra, Gujarat, Andhra Pradesh, Madhya Pradesh, Karnataka, Telangana, Chhattisgarh, NCR, Tamil Nadu, Punjab and Rajasthan.

The company has added nine stores to its portfolio in FY21 and has converted two stores to fulfilment centres (FC) to scale up its e-commerce business.

 

 
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