Avenue Supermarts Acquires Bengaluru Commercial Property for Rs 106 Crore
Avenue Supermarts Ltd (ASL), the operator of DMart retail stores, has acquired a significant commercial property in Bengaluru's Panathur locality for Rs 106.2 crore. According to property registration documents reviewed by CRE Matrix, a data-driven real estate consultancy firm, the transaction was registered on April 13, 2026. The property, known as 'Block-A,' is situated in Panathur Village, Varthur Hobli, Bengaluru East Taluk, and was acquired from six members of the Reddy family.
The deal was executed for Rs 106.2 crore, with stamp duty of Rs 2.12 crore. The asset comprises a commercial building with a total built-up area of approximately 1.70 lakh square feet and an undivided land share of 4,046.85 square metres (43,560 sq ft). The property includes a basement parking level, ground floor, three upper floors, and a terrace floor. The transaction works out to roughly Rs 6,240 per sq ft on the total built-up area basis.
Panathur, located between Marathahalli, Bellandur, and Whitefield, has emerged as one of Bengaluru's key commercial and residential micro-markets due to its proximity to Outer Ring Road, IT parks, and major technology campuses. Property documents show that the commercial block forms part of a larger mixed-use development where the original landowners retained ownership rights over the commercial component, while residential portions were allotted to the developer under a development agreement structure. The commercial building was subsequently inherited by members of the Reddy family before being sold to Avenue Supermarts.
The acquisition comes at a time when large corporates and retail chains are increasingly opting to own strategic real estate assets rather than operate entirely through leased premises. Ownership provides long-term cost visibility and shields occupiers from rental escalation in key commercial hubs. Avenue Supermarts, controlled by billionaire investor Radhakishan Damani and family, has historically followed an asset-heavy expansion strategy for its DMart stores, preferring ownership of retail spaces in several locations.
The transaction adds a sizeable commercial asset in East Bengaluru to Avenue Supermarts' real estate portfolio. Viewed alongside earlier acquisitions, the latest purchase of the 1.7 lakh sq ft commercial building in Panathur for ₹106.2 crore appears to be part of a broader strategy. In October 2021, Avenue Supermarts acquired about 67,400 sq ft of retail space in Varthur Hobli, Bengaluru, for approximately ₹88.25 crore. The property included basement, ground, and upper floors along with 135 parking spaces. Interestingly, this asset is also located in the Varthur-Hobli belt, indicating the company's long-term conviction in East Bengaluru.
In the same year, Avenue Supermarts also purchased a commercial building in Goregaon West, Mumbai, for about ₹71.5 crore. Mint reported that the company acquired multiple properties worth nearly ₹400 crore during the pandemic period, when several corporates were reducing real estate exposure. In May 2024, Avenue Supermarts acquired a 52,765 sq ft land parcel in Chandivali, Andheri East, Mumbai, for approximately ₹117 crore. 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. 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, according to CRE Matrix.
