Inorbit Malls Acquires Akshay Sky Mall in Hubli, Karnataka in a Significant Real Estate Deal
In a major real estate transaction, Inorbit Malls (India) Pvt Ltd has acquired Akshay Sky Mall in Hubli, Karnataka, highlighting the growth potential of Tier II cities in India.
Real EstateInorbit MallsAkshay Sky MallHubliKarnatakaJllSuresh Enterprises Pvt LtdReal Estate NewsSep 20, 2024
With a gross built-up area of 643,319 sq. ft., this deal represents a significant milestone for the Hubli-Dharwad market. It not only signifies the largest shopping mall for the area but also stands as one of the most substantial real estate transactions in terms of value.
JLL has played a crucial role in the transaction, starting from the advisory study, which involved comprehensive analysis of the catchment, zoning, tenant mix, and leasing strategy. JLL has been involved in every step, overseeing the leasing of the mall and being the exclusive marketing team involved in the sale of the property.
Hubli, located within the Hubballi-Dharwad Municipal Corporation, has been selected as one of the 100 smart cities by the Ministry of Urban Development. Known as the commercial hub for North Karnataka, Hubli attracts a floating population of over one lakh people daily.
Rahul Arora, Head - Office Leasing & Retail Services, and Senior Managing Director – Karnataka, Kerala, India, JLL, said, “This transaction, for a 6.5 lakh square feet property, marks 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.
The entry of a prestigious developer like Inorbit Malls into Hubli highlights the increasing attractiveness of these cities for large-scale real estate investments and the demand for high-quality retail spaces.”
The Akshay Sky Mall is strategically situated on Gokul Main Road, making it easily accessible within the city. Hubli, being the second-largest city in Karnataka with a population of about one-and-a-half million, offers a promising catchment area for the mall. Additionally, the tertiary catchment extends to include Dharwad city.
Suresh Shejwadkar, Managing Director, Suresh Enterprises Pvt Ltd, said, “I am delighted at the completion of the recent successful transaction of our project - Akshay Mall, Hubli, which has now been handed over to Inorbit Malls. This project, which we have nurtured from its inception, is poised to become a landmark in Hubli, significantly enhancing the city's commercial landscape.
We are proud to be associated with Inorbit Malls, one of India’s leading shopping mall developers, and the mall is slated to launch at the end of this year. This project is set to transform the retail experience in Hubli, 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.”
Furthermore, the Hubli-Dharwad city area comprises a young and aspirational consumer base, with 50% of the catchment population falling within the age range of 15-45 years. This demographic presents an excellent opportunity for the mall to cater to the preferences and needs of a significant portion of the population.
Inorbit Malls (India) Pvt Ltd is a subsidiary of the K Raheja Group, a well-known business conglomerate in India. Inorbit Malls is one of the leading shopping mall developers in India, with a presence in multiple cities across the country.
JLL is a leading professional services firm that specializes in real estate and investment management. With operations in over 80 countries, JLL provides expert advice to clients on all aspects of real estate, from strategy and finance to execution and management.
Frequently Asked Questions
Who has acquired Akshay Sky Mall in Hubli, Karnataka?
Inorbit Malls (India) Pvt Ltd has acquired Akshay Sky Mall in Hubli, Karnataka.
What is the gross built-up area of Akshay Sky Mall?
The gross built-up area of Akshay Sky Mall is 643,319 sq. ft.
Who played a crucial role in the transaction of Akshay Sky Mall?
JLL played a crucial role in the transaction, starting from the advisory study to overseeing the leasing of the mall and being the exclusive marketing team involved in the sale of the property.
What is the population of Hubli city?
Hubli city has a population of about one-and-a-half million.
What is the expected launch date of Akshay Sky Mall?
The mall is slated to launch at the end of this year.
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