Reliance pays Rs. 986 crore to acquire 5 lakh sft of retail space in Delhi

Mukesh Ambani owned Reliance’s retail juggernaut rolls on with the acquisition in the past two days of eight properties in the capital at the reported spend of Rs. 986 crores, according to PTI and other media reports. Accordingly, Reliance has paid one of the highest prices for commercial properties seen anywhere in the country at about Rs. 20,000 per square feet. It may be recalled that even earlier, Reliance had bought property in Kurla Bandra Complex in Mumbai at about Rs. 13,000 per sq. ft.

Although. Reliance officials have declined to comment on the matter, according to sources, Reliance Retail has purchased over five lakh square feet of space in the eight properties, six of which are reported to be located in Dwarka near the Indira Gandhi International Airport, while the other two are located in West Delhi at Vikaspuri and Rohini. Reliance is expected to be also bidding for another auction of two more properties at Vasant Kunj in South Delhi.The properties acquired by Reliance Retail were a part of auctions by the Delhi Development Authority.

These acqusitions are part of Mukesh Ambani owned Reliance Retail’s Rs. 25,000 crore retail initiative, which envisages setting up multi-format retail stores in 684 towns across the country within 18 to 24 months.

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