Inorbit Malls (India), a subsidiary of K Raheja Corp, has acquired the Akshay Sky Mall in Hubli, Karnataka, from Suresh Enterprises for over INR 400 crore. Covering nearly 650,000 sq. ft., the fully developed mall will launch soon and is already leased to major tenants like Reliance Trends and PVR. Located on Gokul Main Road, it serves the Hubli-Dharwad area, highlighting the growing significance of tier-2 cities in real estate. Rahul Arora from JLL described the deal as a milestone, reflecting increased interest in high-quality retail spaces. JLL advised on the transaction, overseeing zoning and tenant strategy.
Realty developer K Raheja Corp's subsidiary, Inorbit Malls (India), has acquired a retail property in Karnataka's Hubli, covering a gross built-up area of nearly 650,000 sq. ft, from realtor Suresh Enterprises for over INR 400 crore, according to individuals familiar with the matter.
The asset, Akshay Sky Mall, is fully developed and set to launch in the coming months. The retail property is currently leased to anchor tenants, including Reliance Trends, Lifestyle, PVR, Smart Bazaar, and Timezone. Located strategically on Gokul Main Road, the mall's catchment area spans Hubli and Dharwad, Karnataka's second-largest urban region.
Rahul Arora, head of office leasing & retail services and senior MD for Karnataka and Kerala at JLL, remarked that this transaction is a key milestone in the real estate landscape of India's tier-2 cities. He emphasized the growing importance and potential of these markets, noting that the entry of an established developer like Inorbit Malls highlights the increasing appeal of these cities for large-scale real estate investments and the demand for high-quality retail spaces.
JLL served as the advisor for the transaction and is also responsible for the mall's zoning, tenant mix, and leasing strategy. Arora did not comment on the deal size, and a senior executive of Inorbit Malls (India) confirmed the transaction without providing specific details.
In conclusion, the acquisition of Akshay Sky Mall highlights the rising investment potential in tier-2 cities like Hubli. With established brands already onboard, the mall is poised to become a key retail destination. This development signals a broader trend of increasing focus on high-quality retail spaces in emerging urban markets.
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