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Subsidiary of Redbrick Offices Acquires 22 Office Units for Rs 267.5 Crore in Mumbai

Redbrick Offices Acquires 22 Office

Red Fox IT Infra LLP, a subsidiary of the co-working space provider Redbrick Offices, has acquired 22 office units in the Times Square building at Marol in Mumbai for approximately Rs 267.5 crore. This transaction occurred in two separate deals, as revealed by documents accessed through CRE Matrix.

According to the documents, the combined built-up area purchased through these two transactions is 87,618 square feet. For these transactions, the buyer has paid a total of Rs 8.02 crore in stamp duty.

In the first deal, executed on May 3, 2024, Red Fox IT Infra LLP purchased 18 office units for Rs 218.9 crore. This acquisition includes an area of 72,150 square feet and comes with 73 car parking slots. The stamp duty paid for this deal amounted to Rs 6.56 crore.

The second deal, finalized on May 8, 2024, involved the purchase of 4 office units on the 6th and 8th floors of the same building for Rs 48.54 crore. These office spaces cover a built-up area of 15,468 square feet and include 15 car parking slots. The stamp duty paid for this transaction was Rs 1.45 crore.

The office units in both deals were purchased from NTPL Developers LLP. This deal demonstrates the growing demand for office spaces in areas like Marol in Andheri East, Mumbai. It also highlights the ongoing investment in commercial real estate by top contenders like Redbricks Offices. 

Recent Transactions

Mumbai has recently seen a number of significant commercial real estate transactions, In a recent transaction, Bank of America leased two commercial units in Malad at a monthly rent of ₹91.5 lakh.

In another transaction, L&T Realty signed a joint development agreement (JDA) for the rehabilitation of a 12.2-acre land parcel near Mulund, Mumbai.

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Mumbai-based Oberoi Realty Enters NCR Market with Strategic Land Acquisition in Gurugram

Mumbai-based real estate giant, Oberoi Realty has made a significant investment in the National Capital Region by acquiring a prime 14.81-acre land parcel in Gurugram, Haryana. The buyout worth Rs 597 crore is one of the largest for the company outside its core Mumbai market. CRE Matrix accessed documents confirming this strategic move.

The recently purchased property is located in Gurugram’s Sector 58, a prime area next to the Southern Peripheral Road (SPR). Oberoi Realty’s planned luxury group housing project is well-suited for this neighborhood, recognized for its high-end residential developments. With an estimated 2.6 million square feet of development potential, the area is ideal for a large-scale residential complex.

According to the documents, Oberoi Realty paid a stamp duty of Rs 33.77 crore. Although the land acquisition took place in November 2023, the official sale deed was executed on May 7, 2024. The land was purchased from a consortium that included Delhi NCR-based developer Ireo Residences.

The landmark agreement highlights Oberoi Realty’s determination to widen its reach and shows how Gurugram is increasingly becoming a thriving destination for real estate. Luxury residential developments are ideal for this area due to its proximity to major business centers and well-developed infrastructure. This entry into the NCR market will enable Oberoi Realty to take advantage of these opportunities and provide upscale residential solutions to clients.

Recent Land Transactions in Gurugram

Gurugram’s advantageous location and excellent infrastructure have drawn large investments from prominent real estate developers. Over the past few years, the city has seen a substantial increase in land transactions. In a recent transaction in May 2024, Dvok Buildcon, a Gurugram-based real estate developer purchased an 18-acre plot of land in Gurugram, valued at Rs 310 Cr. 

In another significant deal, Chintels India transferred ownership of two land parcels in Dwarka Expressway valued at Rs 121.82 crore and covering a total area of 7.85 acres to Sobha Ltd in Gurugram.  
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Commercial Realty Owned by Single Entity in Demand

Commercial Realty Owned by Single Entity in Demand

Experts believe that single-owned and managed buildings in India’s commercial real estate market offer higher returns, more operational efficiency, and greater appeal. Therefore, investors are choosing them over strata-owned assets.

One important metric that unequivocally demonstrates that single-owned commercial properties are outperforming their strata counterparts with many owners and operators is the rental returns for commercial assets across significant real estate markets.

According to data from CRE Matrix, commercial realty owned by a single entity is in high demand, particularly in key regions such as Mumbai, Bengaluru, Pune, Gurugram, and Chennai. For instance, in Pune’s South West region, single-owned properties exhibited an 18% higher rental yield compared to strata properties. Similarly, in Chennai’s Southern Suburbs II, the rental yield difference reached 32%.

Vinod Rohira, MD & CEO of commercial real estate at K Raheja Corp, emphasized that Grade A commercial assets benefit from proactive management, attracting top tenants. He noted that single-owned assets, unlike strata buildings, ensure reliability in services and utilities, crucial for business operations and talent retention. Tenants, he claims, are prepared to pay more for superior office assets—a feat only accomplished by asset managers who are sole proprietors. 

Operational efficiency is a crucial benefit of single-owned properties. Centralized management, made possible by single ownership, promotes quicker decision-making and more efficient property upkeep.

“Single-owned buildings are relatively younger in age as institutional investment in real estate started around 20 years ago. At a pan-India level, single-owned buildings are 20% younger than strata-owned buildings, and this difference gets even bigger when we see those micro-markets where the delta in rentals is even higher,” said Abhishek Kiran Gupta, CEO and cofounder,  CRE Matrix.

He claims that because a developer builds and maintains a single-owned building to ensure its longevity and secure a continuous stream of income, the building’s overall quality is better recognized than that of a strata-owned structure. On the other hand, because of the numerous owners, strata properties frequently experience management difficulties causing delays in maintenance and decision-making.

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India Warehousing Market Q1 2024 Gains Momentum: CRE Matrix Report Insights

India Warehousing Market Q1 2024 Report | CRE Matrix Insights

India’s warehousing market is on a strong growth path. India Warehousing Market Report Q1 2024, published by CRE Matrix and CREDAI, shows that demand is consistently outpacing supply across major cities. This imbalance is pushing rentals higher and driving occupancy levels up. As supply chains modernise and businesses continue to expand, the sector is rapidly becoming more structured, efficient, and attractive to investors.

India Warehousing Market Report Q1 2024: Key Highlights

To begin with, the India Warehousing Market Report Q1 2024 reflects a stable and demand-driven market with improving fundamentals.

  • Warehousing rents increased by 5% year-on-year
  • Vacancy levels declined by 1.2% across the top cities
  • Demand was 1.4x higher than supply additions
  • Pune and NCR contributed 45% of the total demand
  • MMR and NCR accounted for 53% of the total supply
  • Grade A warehousing stock is expected to reach 300 msf by 2025

Overall, these trends indicate consistent growth and strong occupier activity.

India Warehousing Market Report Q1 2024: Demand and Supply Trends

Moving forward, the India Warehousing Market Report Q1 2024 shows that demand remains strong across industries such as e-commerce, logistics, and manufacturing, while supply continues to expand in key markets but still falls short of fully matching demand. This is driven by strong demand from 3PL and e-commerce sectors, along with manufacturing, contributing to long-term space absorption. At the same time, supply remains largely concentrated in MMR and NCR, with overall demand consistently exceeding new supply additions. As a result, this demand-supply gap continues to support rental growth and faster leasing across the market.

India Warehousing Market Report Q1 2024: Rental Trends

In addition, rental trends across cities reflect the impact of sustained demand highlighted in the India Warehousing Market Report Q1 2024.

  • Overall, rents increased by 5% annually
  • MMR recorded up to 20% rental growth
  • Stable rental trends in NCR, Pune, and Bengaluru
  • Demand-driven growth supporting rental appreciation

Therefore, rental growth remains steady and attractive for investors.

India Warehousing Market Report Q1 2024: Vacancy Levels

At the same time, vacancy levels have improved, indicating a healthier market as per the India Warehousing Market Report Q1 2024.

  • Vacancy reduced to around 8.3% across top cities
  • Faster absorption of Grade A warehousing spaces
  • Improved occupancy levels across key markets
  • Balanced supply ensuring stability

Consequently, lower vacancy levels signal strong occupier demand.

India Warehousing Market Report Q1 2024: Top Cities Driving Growth

Furthermore, the India Warehousing Market Report Q1 2024 highlights the cities leading warehousing growth in India, with NCR witnessing strong leasing activity and demand, while MMR stands out for high supply addition and rental growth. At the same time, Pune continues to be a major contributor to overall demand, and cities like Bengaluru, Chennai, and Hyderabad are emerging as important logistics hubs. Together, these cities continue to play a critical role in shaping the sector.

India Warehousing Market Report Q1 2024: Key Demand Drivers

Another key takeaway from the India Warehousing Market Report Q1 2024 is the diverse demand base supporting the sector.

  • 3PL (Third-Party Logistics) is the largest occupier
  • E-commerce is driving rapid expansion
  • Manufacturing ensures a steady demand
  • Retail and FMCG supporting last-mile delivery

Because of this, the market remains resilient and well-balanced.

Conclusion

In conclusion, the India Warehousing Market Report Q1 2024 highlights a strong and evolving sector. Rising demand, stable rentals, and improving occupancy levels are strengthening the warehousing market across India.

For investors, developers, and occupiers, this presents a valuable opportunity to tap into India’s growing logistics ecosystem.

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Why Is Oberoi Realty’s Three Sixty West Project in Mumbai Experiencing a Surge in Demand for Luxury Apartments?

Oberoi 360 west

Oberoi Realty’s luxury project Three Sixty West located in Mumbai’s plush Worli area has witnessed 19 transactions since April 2024 worth over ₹1,300 crore according to documents accessed by CRE Matrix. The project has garnered interest from well-known personalities including Shahid Kapoor and Abhishek Bachchan, D’Mart’s Radhakrishna Damani, Everest Masala Group’s promoter, and Vratika Gupta, founder of a well-known decor brand. 

The luxury residential units included in these transactions range from 5,600 square feet to nearly 17,000 square feet. 16 of the 19 transactions that have occurred since April 2023 have been in the primary (direct) market and have involved the developer Oberoi Realty, its partners, and the buyers. According to documents accessed, Oberoi Realty sold seven of the 16 apartments involved in these deals and its partner sold the remaining apartments.

Three Sixty West’s exceptional seaside location, which offers breathtaking views and luxurious living areas, is one of its key attractions. To suit the interests of affluent customers, the project consists of two towers with 4 BHK and 5 BHK flats in addition to duplex apartments and penthouses. The project obtained its certificate of occupation in 2022. 

The 360 meter tall sea-view project takes its name, most likely, from the fact that every apartment faces west. The Three Sixty West project, according to the MahaRERA portal, is registered under the name Oasis Realty as the promoter. It has four promoters: Vikas Oberoi-sponsored companies Oberoi Constructions Ltd and Astir Realty LLP; SkyLark Buildcon Pvt Ltd; and Shree Vrunda Enterprises, which is a part of Sudhakar Shetty’s Sahana Group.

With developers charging approximately ₹1 lakh per square foot for sea-view units in the Worli neighborhood, Three Sixty West is competitive in the luxury condo market. Local brokers claim that these apartments’ primary market values range from ₹1.25 lakh to ₹1.50 lakh per square foot. The project’s upscale facilities and prime location, in addition to its affordability, have created a strong demand.

The property has also become more appealing as a result of Radhakishan Damani and his associates’ bulk acquisition of 28 flats in February 2023 for ₹1,238 crore. Some of these apartments have already started to sell for about ₹1 lakh per square foot on the resale market. More of these entering the market could result in competitive pricing and more room for buyer negotiation.

Despite the constantly high sales at Oberoi Three Sixty West, real estate experts think the availability and cost of resale apartments will determine the direction of the market going forward. The reinstatement of 28 units from the bulk deal may affect the dynamics of the primary and secondary markets, giving buyers additional choices and pricing points.

The project’s ability to draw in buyers will be largely dependent on how the market develops over the next several months.

Recent Transactions
Oberoi Realty’s Three Sixty West is highly sought after for its prime location and luxury features. In a recent transaction, fashion designer and the creator of the upscale home décor brand Maison Sia, Vratika Gupta, purchased a luxury apartment in Three Sixty West for Rs 116.42 crore. Also, Bollywood actor Shahid Kapoor and wife Mira Kapoor purchased a luxury sea-view apartment in the Three Sixty West for around 60 crore.

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Lenskart’s Peyush Bansal and Dhanuka Family Members Acquire Luxury Apartments in Gurugram’s DLF The Camellias

Camellias_DLF

Prominent industry players including Peyush Bansal, the founder of Lenskart, and the Dhanuka family from Dhanuka Agritech, have made notable acquisitions in DLF’s luxurious residential project The Camellias in Gurugram. According to the documents accessed by CRE Matrix, these sumptuous properties were booked between 2015 and 2022, with conveyance deeds executed in April 2024. The cumulative value of these properties amounts to Rs 106.4 crore. 

The founder of Lenskart, Peyush Bansal purchased a 7,461-sq. ft apartment in August 2022 for Rs 27.02 crore. This apartment comes with four parking slots. On April 29, 2024, the conveyance deed for this deal was completed, and Bansal paid a stamp duty of Rs 1.89 crore.

On June 24, 2019, Ram Gopal Agarwal, the group chairman of Dhanuka Agritech Limited, and his wife Urmila Dhanuka signed a contract with DLF to buy a 7,361-sq. ft apartment at The Camellias. The final payment was made in March 2021, after he paid Rs 22.55 crore for the property. On April 26, 2024, the property’s conveyance deed was signed and a stamp duty of Rs 1.35 crore was paid.

Between June and August 2015, Rahul Dhanuka, Joint Managing Director at Dhanuka Agritech, paid Rs 24.31 crore for a 7,361-square-foot apartment. On April 18, 2024, the conveyance deed was completed and Rs 1.70 crore in stamp duty was paid. There are four parking spaces on this property as well.

Harsh Dhanuka, Executive Director of Alliances & Supply Chain at Dhanuka Agritech, paid Rs 32.52 crore for a 9,419-square-foot apartment with five parking spaces. The conveyance deed for his property was executed on April 23, 2024, and he paid a stamp duty of Rs 2.27 crore.

These properties were purchased directly from the developer of The Camellias. During the time these deals were closed, The Camellias’ prices ranged from Rs 30,634 to Rs 37,000 per square foot. However, These apartments currently go for about ₹75,000 per square foot on the market. The lowest apartment at Camellias is available for ₹11 lahks per month for an unfurnished unit and ₹14 lahks for a furnished one.

Recent Transactions

The high-end transactions indicate Gurugram’s growing appeal among affluent buyers. The sharp increase in property values highlights the demand for luxury homes. In a recent transaction, MakeMyTrip’s Deep Kalra, Den Network’s Sameer Manchanda, and Assago’s Ashish Gurnani bought apartments at Gurgaon’s The Camellias for a cumulative total of Rs 127.58 crore. 

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L&T Realty Signs Agreement for Joint Development of 12.2-Acre Land Parcel in Thane, Potentially Worth ₹697 Crore

L&T Buy Land Parcel in Thane

L&T Realty has signed a significant joint development agreement (JDA) that involves the rehabilitation of a 12.2-acre land parcel in Thane’s Panchpakhadi locality. According to the documents accessed by CRE Matrix, L&T Parel Project Pvt Ltd, a subsidiary of L&T Realty, and Jagdale Infrastructure Pvt Ltd have entered into a strategic partnership, which was formally announced on May 7, 2024. In addition to a registration fee of ₹30,000, the agreement stipulates a significant stamp duty payment of ₹34.88 crore.

The Maharashtra Slum Area (Improvement, Clearance & Development) Act, 1971 declared the land parcel, which was initially owned by the Maharashtra government, as a slum rehabilitation area in October 2016. The developers have committed to building at least a minimum of 12.7 lakh square feet for the rehabilitation of the slum dwellers. Additionally, under the sale component, a 31.25 lakh sq ft will be constructed to ensure the project’s financial viability according to the documents accessed. 

The project is located near the Mulund Toll Naka, a vital intersection that divides Thane and Mumbai. It enjoys seamless connectivity with easy access to the Eastern Express Highway and the Thane Railway Station. With well-known industry players like Oberoi, Raymond Realty, Rustomjee, and Hiranandani, the Thane real estate market is already booming and shows promise for growth The cost of residential real estate in Thane varies from ₹10,000 to ₹25,000 per square foot, depending on the neighborhood.

With developments in areas like Parel, Sewri, and Mahim, L&T Realty is a major player in the Mumbai real estate market. This new venture in Thane fits right in with what they already have, making them even more of a presence in the area. L&T Realty will be the lead developer and will receive a 69% profit share on the project, which is expected to be close to ₹698 crore. The remaining 31% will go to Jagdale Infrastructure, which equals a profit of almost ₹303 crore. Over 20 slum pockets will be redeveloped as part of the project within five years. L&T Realty will handle the design, development, construction, completion, marketing, branding, and sale of the project’s free-sale component. 

This collaborative development represents a major expansion for L&T Realty and demonstrates its dedication to creative and socially conscious real estate development. The project reflects the potential and dynamic growth of the Thane real estate market by offering high-quality residential options in addition to improving urban infrastructure.

Recent Transactions

The Mumbai real estate market is changing as a result of large-scale initiatives and joint ventures. Notable construction projects accentuate the region’s quick growth and entice builders and financiers to this prosperous suburban community.  

In a recent land deal, DMart acquired a plot of land in Chandivali for Rs. 117 crore. In another major land deal, Hindustan Construction Company (HCC) sold a 2.35 lakh sq mtr land block in Panvel near Mumbai to Oak & Stone Construction Pvt Ltd for Rs 95 crore.

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Dvok Buildcon Acquires 18-acre Land in Gurugram for Rs. 310 Crore

Dvok Buy Land in Gurugram

Dvok Buildcon, a Gurugram-based real estate developer purchased an 18-acre plot of land in Gurugram, valued at Rs 310 Crore as revealed by documents accessed by CRE Matrix. With this strategic investment, the business marks its expansion into one of India’s most lucrative real estate industries. Gurugram is famous for its rapid urbanization and great infrastructure. The region has immense potential for the growth of residential homes as well as commercial projects. 

The newly acquired land is an agricultural plot situated near Manesar, a prime location, enhancing its value and attractiveness for future developments. Dvok paid Rs 21.72 crore as stamp duty, according to the documents. This prime location gives a myriad of developments that Dvok Buildcon can venture into, be it residential or commercial. Real estate in the area is rife and a sure method of obtaining a good return on investment, as the demand for quality living and working space continues to rise.

Despite record-high residential demand, renowned developers, along with other entities, continue to acquire land across India. Besides residential projects, sectors like commercial, retail, industrial, and warehousing are driving prime land deals. In 2022–23, 88 land deals covering 1,886 acres were completed across various cities. This increased to 2,989 acres in 2023–24. The residential segment remains the primary driver of the Indian real estate market. Among the top seven cities, NCR led with 29 deals for 313 acres, followed by MMR with 19 deals for 157 acres, and Bengaluru with 14 deals for 490 acres.

Gurugram’s vibrant lifestyle, contemporary amenities, and seamless connectivity make it a popular choice for families and professionals. By providing luxurious housing solutions that satisfy aspirational aspirations, Dvok Buildcon may take advantage of this demand. Also, there are plenty of chances for commercial development in Gurugram because of its reputation as a major business hub home to various global corporations and commercial complexes. Strategically located modern office spaces would draw in firms and provide strong rental yields and long-term profitability. 

Recent Transactions

In the last few months, significant real estate transactions have been completed in Gurugram. The increased activity indicates investors’ faith in the market’s growth potential and long-term profitability. In a recent transaction, Chintels India transferred ownership of two land parcels in Dwarka Expressway valued at Rs 121.82 crore and covering a total area of 7.85 acres to Sobha Ltd in Gurugram. 

In another transaction, Virat Kohli leased out 12 office spaces in Gurugram for an annual rent of Rs 1.27 crore. 
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India Office Market Q1 CY’24: Demand Surges While Supply Tightens

India Office Market Q1 CY’24

India’s office market entered 2024 with strong momentum, as highlighted in the India Office Report Q1 CY’24 by CRE Matrix and CREDAI. The report indicates a sharp rise in demand across major cities, even as new supply remained constrained during the quarter. This widening gap between demand and supply pushed rentals upward and reinforced a landlord-favourable market across the country, setting a strong tone for the year ahead.

Demand Sees Strong Growth Across Key Cities

India’s Grade A office demand recorded robust growth in Q1 CY’24. It increased by 12% compared to the previous quarter and grew 14% year-on-year. The top three cities—Bengaluru, MMR, and Delhi-NCR—played a dominant role, contributing nearly two-thirds of total demand. Together, they also recorded a strong 23% quarter-on-quarter growth.

This sustained demand reflects business expansion and improving occupier confidence despite global uncertainties.

Supply Declines, Tightening Market Conditions

Office supply dropped significantly during the quarter. Total supply stood at 10.5 million sq ft, marking a 38% decline from the previous quarter and a 5% drop compared to the same period last year.

Bengaluru and Hyderabad dominated new completions, contributing around 65% of the total supply. However, the overall reduction in new supply led to tighter market conditions and a marginal decline in vacancy levels.

Vacancy Softens as Supply Remains Limited

The limited addition of new office spaces led to a slight improvement in vacancy levels across India. Vacancy declined by 50 basis points to reach 17.2% in Q1 CY’24.

This indicates a gradual absorption of available stock, supported by steady leasing activity across key markets.

Rentals Continue to Rise Across Major Markets

Rental values continued their upward trajectory during the quarter. On a pan-India basis, rentals increased by 8.7% quarter-on-quarter and are now inching closer to the ₹100 per sq ft mark.

At the same time, the gap between market rent and in-place rent widened to around 14%. This widening spread reflects strong landlord pricing power. Cities such as Bengaluru, Pune, and Hyderabad witnessed noticeable rental growth, further reinforcing this trend.

Sectoral Demand Remains Diverse

Leasing activity remained driven by a mix of sectors, with IT/ITeS continuing to lead the market. The sector contributed 28% of total demand, supported by a gradual return-to-office trend. Meanwhile, the BFSI sector strengthened its position, increasing its share to 20% in Q1 CY’24.

Mumbai and Chennai together accounted for nearly half of BFSI demand. In the IT/ITeS segment, Bengaluru led with a 35% share, while Noida emerged strongly with a 20% contribution, overtaking Hyderabad during the quarter.

Large Deals Drive Leasing Activity

One of the most notable trends in Q1 CY’24 was the dominance of large-sized transactions. A significant portion of leasing activity came from occupiers taking up large office spaces, highlighting confidence in long-term expansion.

  • 56% of demand came from deals above 1 lakh sq ft
  • This was up from 36% in Q4 CY’23
  • It also increased from 33% in Q1 CY’23

Bengaluru, Hyderabad, and Noida together contributed 66% of these large transactions, making them key hubs for big-ticket leasing.

City-Level Performance Highlights

City-level trends varied based on demand-supply dynamics, but most markets showed resilience and steady growth.

Bengaluru remained the top performer, driven by strong IT demand and low vacancy levels. MMR saw demand far outpace supply, resulting in a tight market with a high demand-to-supply ratio. Delhi-NCR maintained stable growth, with Noida emerging as a key demand driver.

Hyderabad experienced a supply-heavy quarter, which kept vacancy levels relatively high despite healthy demand. Chennai stood out with tight market conditions due to limited supply and strong demand. Pune continued to show balanced growth, supported by steady leasing activity across sectors.

Market Fundamentals at a Glance

The overall market fundamentals highlight the scale and strength of India’s office sector:

  • Total Grade A stock stood at 839.8 msf
  • Under-construction supply reached 330.8 msf
  • Q1 CY’24 demand was 16.7 msf
  • Q1 CY’24 supply was 10.5 msf

These numbers underline the depth of the market and its growth potential.

Looking ahead, the outlook for India’s office market remains positive. Demand is expected to cross 70 msf in 2024, supported by strong economic fundamentals and continued investments in physical and digital infrastructure.

Large occupiers are expected to continue expansion, while supply is likely to gradually pick up in the coming quarters.

Q1 CY’24 reinforces a clear market trend—demand is rising faster than supply. This dynamic is pushing rentals higher and strengthening landlord leverage. With strong leasing activity, increasing large deals, and sectoral diversity, India’s office market is well-positioned for sustained growth in 2024.

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D Mart Buys Land in Chandivali for Rs 117 Crore

D'Mart andheri East

The parent company of the well-known DMart supermarket chain, Avenue Supermarts has acquired a plot of land in Chandivali, Andheri East, Mumbai, as part of its ongoing strategic expansion. The recent purchase of the 52,765 square feet property for ₹117 crore highlights the company’s dedication to strengthening its presence in the market. According to documents accessed by CRE Matrix, the deal was finalized on May 6, 2024, and Avenue Supermarts Ltd paid ₹7.03 crore in stamp duty for the transaction.

At the moment, this property is home to an industrial ground-plus-one building. It is located in an industrial zone, and the company plans to turn it into a retail center or a commercial structure. The acquisition increases Avenue Supermart’s already remarkable stockpile which consists of a wide range of properties across Maharashtra, Gujarat, Andhra Pradesh, Madhya Pradesh, Karnataka, Telangana, Chhatisgarh, National Capital Region, Tamil Nadu, Punjab, and Rajasthan. Radhakishan Damani founded Avenue Supermart Ltd’s major brand DMart and began its operations in 2002. From just one store located in Powai, Mumbai, DMart has over 333 stores across different locations. 

Avenue Supermart Ltd’s recent acquisition perpetuates its strategic property investment trend. September 2023 marked the purchase of three levels of retail space within a 31-storey residential building in Kandivali West for ₹88.74 crore. These ventures indicate the company’s intent to diversify its retail offerings and address the evolving needs of consumers.

DMart has witnessed rapid growth with two new stores opening on average each month. It announced in July 2023 that stores would be opened in Jodhpur, Rajasthan, and Akola, Maharashtra. In August 2023, it inaugurated retail locations in Ahmedabad and Morbi, Gujarat, as per its regulatory disclosures on stock markets.

This planned expansion follows a string of real estate purchases by Avenue Supermarts Ltd. totaling ₹400 crores amid the COVID-19 pandemic in 2021. These investments show how resilient and strategically astute the business is in managing difficult market situations. Additionally, family members and colleagues of D’Mart founder Radhakrishna Damani purchased up to 28 home units worth ₹1,238 crore in Mumbai in February 2023, in what may be the largest real estate transaction in the nation. The agreement was reached not too long after the Budget 2023 plans were made, which capped capital gains from the sale of long-term assets, such as real estate, at ₹10 crore.

The company’s plan, for growth is in line with its goal of offering customers access to high-quality products at prices. Avenue Supermarts Ltd is strengthening its market position and promoting long-term success by adding outlets and diversifying its retail offerings.

Recent Transactions

In a recent transaction, Bank of America Leases Two Commercial Units in Malad at a monthly rent of ₹91.5 Lakh

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