Realty developer K Raheja Corp subsidiary Inorbit Malls (India) has acquired a retail property spread over gross built up area of nearly 6.5 lakh sq ft in Karnataka’s Hubli from realtor Suresh Enterprises for over Rs 400 crore, said persons with direct knowledge of the development.
The asset, Akshay Sky Mall, is completely developed and is scheduled to be launched in the next few months. The retail property is currently fully leased with anchor tenants including brands such as Reliance Trends, Lifestyle, PVR, Smart Bazaar, and Timezone.
The mall is strategically situated on Gokul Main Road and its catchment extends to cover Hubli and Dharwad, the second largest urban region in Karnataka.
“This transaction marks a key 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 an established 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,” said Rahul Arora, Head – Office Leasing & Retail Services, and Senior MD — Karnataka, Kerala, India, JLL. He, however, declined to comment on the deal size.
JLL acted as the advisor for the transaction and is also involved in zoning, tenant mix, and leasing strategy for the mall.
A senior official of Inorbit Malls (India) confirmed the deal without specifying details.
The acquisition adds to Inorbit’s retail footprint across India, which includes four major operational malls in Mumbai, Navi Mumbai, Hyderabad, and Vadodara. It is currently working on a new project in Visakhapatnam and an extension of the Vadodara mall. The company’s malls collectively cover more than 2.28 million sq ft of retail space, with plans to expand further.
“The mall is slated to be 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. We look forward to witnessing the positive impact of this transaction on the region,” said Suresh Shejwadkar, MD, Suresh Enterprises.
The deal is not only for the largest shopping mall in the Hubli-Dharwad market but also stands as one of the most substantial real estate transactions in terms of value highlighting the growth potential and attractiveness of this emerging city.
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.
Rising incomes, aspirational engagement and consumption levels have made tier-II cities a magnet for retail investments. As large Grade-A malls and prominent highstreets are getting developed, India’s tier-II cities are evolving into major consumption hubs, a trend that is likely to gain momentum in the coming years.
