Hubli: Inorbit Malls Expands Footprint with Acquisition of Akshay Sky Mall for Over INR 400 Crore
In a significant development for Karnataka’s real estate landscape, Inorbit Malls, a subsidiary of K Raheja Corp, has acquired the Akshay Sky Mall in Hubli for over INR 400 crore. The transaction marks the company’s first venture into the Karnataka market, reflecting a growing focus on tier-2 cities as hubs of retail expansion.
Key Information About Inorbit Mall Hubli
| Information | Details |
|---|---|
| Mall Name | Akshay Sky Mall |
| Acquirer | Inorbit Malls (Subsidiary of K Raheja Corp) |
| Location | Gokul Main Road, Hubli (near Akshay Park Circle) |
| Built-up Area | Approximately 650,000 sq. ft. |
| Acquisition Cost | Over INR 400 Crore |
| Major Tenants | Reliance Trends, PVR Cinemas, Lifestyle, Smart Bazaar, Timezone |
| Launch Date | Set to launch soon |
| Target Market | Hubli-Dharwad region, Karnataka |
| Strategic Significance | Inorbit’s first venture into Karnataka; focus on tier-2 city retail expansion |
| Advisory Firm | JLL (Handled zoning, tenant strategy, and leasing operations) |
| CEO’s Statement | Optimistic about Hubli’s growth as a key retail destination |
| Importance of Acquisition | Strengthens Inorbit’s presence in tier-2 cities, boosts local retail sector |
| Impact on Hubli | Enhances shopping experience, contributes to economic growth, attracts national and international brands |
| Real Estate Significance | Highlights rising demand for high-quality retail spaces in emerging markets |
| Future Plans | Diversify portfolio, cater to evolving consumer needs across India |
| Economic Contribution | Expected to provide a modern shopping destination and boost the local economy |
Covering a built-up area of approximately 650,000 sq. ft., the fully developed Akshay Sky Mall is strategically located on Gokul Main Road (near Akshay park circle), catering to the vibrant Hubli-Dharwad region. The mall is set to launch soon, with major tenants like Reliance Trends, PVR Cinemas, Lifestyle, Smart Bazaar, and Timezone already on board, promising a boost to the local retail sector.
Rahul Arora, Head of Office Leasing & Retail Services at JLL and Senior Managing Director for Karnataka and Kerala, highlighted the importance of this deal, describing it as a milestone for tier-2 city real estate. He noted that the entry of Inorbit Malls into Hubli underscores the rising demand for high-quality retail spaces in emerging urban markets. JLL, which advised on the transaction, is also handling the mall’s zoning, tenant strategy, and leasing operations.
Inorbit Malls’ CEO expressed optimism about the acquisition, emphasizing the potential for growth in Hubli, which is rapidly emerging as a key retail destination. The move aligns with the company’s strategy to diversify its portfolio and strengthen its presence across India, catering to the evolving needs of consumers while enhancing the shopping experience.
This acquisition highlights a growing trend of investment in tier-2 cities like Hubli, which are rapidly becoming key areas for retail and real estate development. With the addition of Akshay Sky Mall to its portfolio, Inorbit Malls strengthens its position among the best malls in Hubli, providing a modern shopping experience for residents and contributing to the city’s economic growth.
