Inorbit Malls (India) Pvt Ltd Buys Akshay Sky Mall In Hubli, Karnataka

In a significant real estate deal, Hubli-headquartered Suresh Enterprises Pvt Ltd has recently sold the ready to launch property Akshay Sky Mall in Hubli, Karnataka. The buyer of this property is Inorbit Malls (India) Pvt Ltd, reflecting a major transaction in the market. With a gross built-up area of 643,319 sq. ft.

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. They have overseen the leasing of the mall and have been 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 Mall project, scheduled to launch at the end of this year, 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 are proud of our team’s expertise and commitment in achieving this significant accomplishment and look forward to witnessing the positive impact of this transaction on the region,” he added.

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.

“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,” said Suresh Shejwadkar, Managing Director, Suresh Enterprises Pvt Ltd. “We look forward to witnessing the positive impact of this transaction on the region and are excited about the future prospects it brings,” he added.

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.

The 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. This deal not only boosts the real estate market in Hubli but also highlights the growth potential and attractiveness of this emerging city.