Inorbit Malls takes possession of 6.5 lakh sq ft ready-to-launch retail property in Hubballi

Subsidiary of K Raheja Corp, Inorbit Malls has acquired 6.5 lakh square feet retail property Akshay Sky Mall from Suresh Enterprises Pvt Ltd in Hubballi, Karnataka.

The Akshay Sky Mall is deemed to get operational towards the end of the year is located on Gokul Main Road, which can be very easily accessed by the city dwellers.

According to the statement f JLL, Bengaluru is the second largets city in Karnataka having half a million of population Hubballi offers a promising catchment area for the mall. 

According to Rahul Arora, Head - Office Leasing and Retail Services, and Senior Managing Director – Karnataka, Kerala, India, JLL, “This transaction, for a 6.5 lakh square feet property, is regarded as a significant milestone in the real estate landscape of Tier II cities in India. The sale underscores the growing importance and potential of Tier II markets.”

He also added, “The entry of Inorbit Malls into Hubballi highlights the increasing attractiveness of these cities for large-scale real estate investments and the demand for high-quality retail spaces.”

The area Hubballi-Dharwad Municipal Corporation has been selected as one of the 100 smart cities by the Ministry of Urban Development. The area has a good population of young and aspirational consumer base, with 50% of the catchment population falling within the age range of 15-45 years. This will offer excellent opportunity for the shopping mall to cater to the preferences and needs of a significant portion of the population.

The Managing Director of Suresh Enterprises Pvt Ltd.Suresh Shejwadkar said, “This project is set to transform the retail experience in Hubballi, bringing top national and global brands to the city. This development not only enhances the local economy but also sets a benchmark for future projects in similar markets.”