Inorbit Malls Expands Footprint with INR 400 Crore Acquisition in Hubli, Karnataka

As a strategic entry into Tier-2 cities, Inorbit Malls (India), a subsidiary of K Raheja Corp, has acquired a retail property in Hubli, Karnataka, for over ₹400 crore. The property, known as Akshay Sky Mall, spans a gross built-up area of nearly 650,000 square feet. Sources familiar with the transaction confirmed the deal was finalized with realtor Suresh Enterprises.

Fully Developed and Leased Retail Space

The mall is fully developed and slated to launch in the coming months. It is already fully leased to key anchor tenants such as Reliance Trends, Lifestyle, PVR, Smart Bazaar, and Timezone, solidifying its position as a premier retail destination in Hubli.

Strategic Location and Regional Impact

Akshay Sky Mall is strategically located on Gokul Main Road, with a catchment area that covers both Hubli and Dharwad, Karnataka’s second-largest urban region. This acquisition underscores the growing potential of tier-2 cities in India, where the demand for high-quality retail spaces is steadily rising.

Key Milestone for Tier-2 Market Expansion

Rahul Arora, Senior Managing Director for Karnataka and Kerala at JLL, emphasized that this deal marks a significant moment in the real estate landscape of tier-2 cities. Arora highlighted that the entry of established players like Inorbit Malls into Hubli demonstrates the increasing attractiveness of such markets for large-scale real estate investments.

JLL’s Role in the Deal

JLL served as the advisor for the transaction, overseeing aspects such as zoning, tenant mix, and leasing strategy. A senior executive from Inorbit Malls (India) confirmed the deal but refrained from providing further details.