DMart the supermarket chain that has presence across several states in the country recently inked a deal for Rs 113 Crore in Chembur.
By Varun Singh
On the last day of the year 2020, a deal was signed between one of India’s biggest supermarket chain DMart and a leading developer Wadhwa in Chembur.
The commercial deal cost DMart Rs 113.22 Crore for an area of 42,937 square feet.
According to documents accessed by SquareFeatIndia on December 31, 2020 a deal was signed between Wadhwa and Associates Project Developers Pvt Ltd. and Avenue Supermarts Ltd.
The deal comprises of entire ground floor and first floor in commercial wing A in Wadhwa’s project.
Along with the two floors, the supertmart shall also have access to 78 car parks.
A total of Rs 2.26 crore was paid as stamp duty for registration of the deal.
The deal was signed when the government had reduced the stamp duty in Mumbai from 5% to 2%.
The per square feet rate comes to Rs 26.368 for the deal.
A detailed email sent to Wadhwa seeking their comment got us no response.
Recently property market expert Vishal Bhargava had taken to micro social media platform where he made a side comment on the deal.
During the stamp duty cut a lot of big ticket deals took place.
The stamp duty cut was 3% between September 2020-December 2020. The stamp duty cut between January 2021 till March 2021 is 2%.
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