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Radhakishan Damani’s DMart buys 7 properties worth Rs 400 crore

DMart, a retail chain owned by billionaire Radhakishan Damani, goes on property acquisition spree during COVID-19 as retailers look to increase footprint taking advantage of subdued real estate prices.

June 04, 2021 / 08:14 AM IST
Radhakishan Damani

Radhakishan Damani

Radhakishan Damani’s DMart acquired as many as seven properties worth Rs 400 crore as the retail chain set off on a property shopping binge during COVID-19, documents accessed by real estate data and analytics firm Propstack show.

DMart, which operates in 11 states and 1 Union Territory, bought properties in places such as Mumbai, Hyderabad, Pune and Bengaluru. The retailer typically purchases properties instead of leasing them.

DMart has strategically focussed on enhancing its footprint during the past six to nine months due to the availability of better deals, according to real estate consultants Moneycontrol spoke to. Prices are subdued, deals are available in better locations and closures are faster, which has helped retailers like DMart increase their footprint across geographies during the pandemic, they said.

The company did not respond to a query sent.