DMart’s Ignatius Navil Noronha; CEO With Rs 4.5 Cr Salary, Rs 70 Cr House In Mumbai

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Curated By: Business Desk

Edited By: Namit Singh Sengar

Last Updated: March 21, 2023, 11:39 IST

Ignatius Navil Noronha is admired in the industry for being a humble CEO of a company. As per reports, even his office is a modest one, being only a quarter of the size of the offices usually taken up by CEOs.

Noronha had seen his net worth rise above a billion dollars after an incredible 113 per cent rise in Avenue Supermarts’ stock in 2021. Before joining DMart, Noronha was working as a sales executive, in the areas of market research and modern trade with the FMCG giant, Hindustan Unilever.

Avenue Supermarts runs DMart retail stores. Noronha owns around 2 percent of stake in Avenue Supermarts. His multi-crore salary is over and above.

According to a report by DNA, Noronha earned a salary of over Rs 4.5 crore in FY 2021-22.

Thanks to his extensive background and in-depth experience, Radhakishan Damani, the founder of DMart, had offered him the position of head of business, which Noronha took up in 2004.

Noronha completed one of the highest valued deals in Mumbai real estate last year. He bought a two-unit 9,552 square feet new home with 10 car parking space for himself in Bandra (East) area.

Reportedly, he paid Rs 66 crore plus Rs 3.30 crore stamp duty.

Noronha bought Bandra home in one of the largest transactions in the real estate industry of Mumbai in terms of value. The super premium property has been purchased jointly by the CEO and his wife Kajal Noronha.

The property is in the under-construction project Rustomjee Seasons. They have purchased two units in the building that is located close to the business district of Bandra Kurla Complex, Moneycontrol reported.

The project has benefited due to its close proximity to the new business hub of BKC, while also benefiting from limited competition. The project is in advanced stages of construction at the moment, as BKC continues to become the de-facto business street of Mumbai.

The two apartments have a RERA carpet area of 8,640 square feet when combined, according to registration documents on Zapkey as quoted by the news publication.

On top of it, there is a deck and terrace area of 912 square feet, thus making the total size of Noronha’s new apartment at 9,552 square feet.

The Bandra East market has witnessed sharp buyer interest, especially that of corporate leaders and high net worth individuals, over the last decade, with the latest deal marking a new high in terms of the size of a transaction.

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