D-Mart Acquires Mondelez India 8-Acre Thane Plot

Radhakishan Damani, founder of DMart, is set to acquire an 8-acre land parcel in Thane from Mondelez India, formerly Cadbury India, for nearly Rs 250 crore. The plot is located at Pokharan Road 1, a key locality of Thane, and will be purchased through his family offic

BY Realty Plus
Published - Friday, 08 Jan, 2021

D-Mart Acquires Mondelez India 8-Acre Thane Plot

Radhakishan Damani, founder of DMart, is set to acquire an 8-acre land parcel in Thane from Mondelez India, formerly Cadbury India, for nearly Rs 250 crore. The plot is located at Pokharan Road 1, a key locality of Thane, and will be purchased through his family office, they said. The plot is estimated to have a total development potential of nearly 1 million sq ft given current development regulations. The deal is at a fairly advanced stage and is expected to be concluded anytime soon. The plot is likely to see development of a mixed-use project with some high-street retail given its proximity to an upcoming metro station, while the balance is residential. Damani’s family office is said to be currently undertaking due diligence. It couldn’t be ascertained if he’s planning to develop the plot on his own or with a developer. According to real estate consultants, current property prices in the vicinity are at Rs 10,000-12,000 per sq ft. In the backdrop of the increasing preference for alliances and joint development of land holdings, this will be one of the few instances of an outright purchase in recent times at this scale. Over the past few years, several realty developers have reworked their business strategies to focus on asset-light models, such as joint development, to reduce the upfront capital cost and cope with liquidity pressure.