Avenue Supermarts has acquired a commercial building for Rs 71.5 crore in Goregaon West area, Mumbai, Maharashtra.
The building is part of commercial Phase-1 of Vicino Building located on Link Road, Goregaon West and has been purchased from Silver Moon Construction.
The property was registered on 29 July 2021. The retailer paid the stamp duty for the property on 31 March 2021, taking advantage of the Maharashtra government’s stamp duty waiver.
On 26 August 2020, the Maharashtra government had announced a temporary reduction in stamp duty on housing units, from five percent to two percent, until 31 December 2020, to boost the real estate market hit hard by COVID-19.
The stamp duty from 1 January 2021, until 31 March 2021, was three percent. The property is spread across 34,147 sq ft. The per sq ft price will be around Rs 20,000 per sq ft. A stamp duty of Rs 2.1 crore has been paid.
DMart, which operates in 11 states and one Union Territory, has bought properties in places such as Mumbai, Hyderabad, Pune and Bengaluru. The retailer typically purchases properties instead of leasing them.
Avenue Supermarts, which owns and operates DMart, bought a plot spread across 41,760 sq ft in Nizampet, Hyderabad, worth Rs 34.3 crore in February 2021; in March, it purchased 36,697 sq ft in Srinivagilu, Bengaluru worth Rs 30 crore; and acquired a plot for Rs 81 crore in Bhandup area, Mumbai, spread across 66,981 sq ft in May 2021.
It acquired a land parcel spread across eight acre from Mondelez India, for nearly Rs 250 crore in April 2021. In July 2020, the company acquired a property (where a building was proposed) in Narsingi, Hyderabad, spread across 43,915 sq ft for Rs 38.4 crore and in December 2020, purchased a property at Tathawade in Pune spread across 48,989 sq ft for Rs 30.8 crore.
Along with the Pune property, the company came into possession of 47 car parking and 38 scooter parking as well.
The company bought a commercial property in Chembur, spread across 42,922 sq ft with 78 car parking for Rs 113 crore and another property in Kalyan, spread across 51,930 sq ft in December 2020 for Rs 39 crore.