Inorbit Malls acquires 6.5 lakh sq ft ready-to-launch retail property in Karnataka’s Hubballi
The retail transaction marks a significant milestone in the real estate landscape of Tier II cities in India, especially the Hubballi-Dharwad market
Inorbit Malls, a subsidiary of K Raheja Corp, has acquired a 6.5 lakh square feet retail property Akshay Sky Mall from Suresh Enterprises Pvt Ltd in Hubballi, Karnataka.
The transaction was facilitated by property consultancy JLL.
The amount for which the property was acquired could not be ascertained.
K Raheja Corp did not comment on HT.com's query.
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The Akshay Sky Mall, which is expected to be launched towards the end of the year, is located on Gokul Main Road, making it easily accessible within the city. Being the second-largest city in Karnataka with a population of about one-and-a-half million, Hubballi offers a promising catchment area for the mall, said a statement from JLL.
The tertiary catchment extends to include Dharwad city.
“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,” said Rahul Arora, Head - Office Leasing and Retail Services, and Senior Managing Director – Karnataka, Kerala, India, JLL.
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“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,” Arora added.
About Hubballi
Hubballi, 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, the region attracts a floating population of over one lakh people daily, JLL said.
Furthermore, the Hubballi-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, JLL added.
“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,” said Suresh Shejwadkar, Managing Director, Suresh Enterprises Pvt Ltd.