In a landmark real estate transaction, Suresh Enterprises Pvt Ltd, based in Hubli, has sold the Akshay Sky Mall—a ready-to-launch property in Hubli, Karnataka—to Inorbit Malls (India) Pvt Ltd. This deal is significant, featuring a gross built-up area of 643,319 sq. ft.
JLL has been instrumental throughout the process, providing advisory services that included detailed analyses of the catchment area, zoning regulations, tenant mix, and leasing strategies. They have managed the mall’s leasing and served as the exclusive marketing team for the property’s sale.
Hubli, part of the Hubballi-Dharwad Municipal Corporation, has been recognized as one of the 100 smart cities by the Ministry of Urban Development. As the commercial hub of North Karnataka, it attracts a daily floating population exceeding one lakh.
Rahul Arora, Head of Office Leasing & Retail Services and Senior Managing Director for Karnataka, Kerala, India at JLL, stated, “This transaction, involving a 6.5 lakh square feet property, marks a significant milestone in the real estate landscape of Tier II cities in India. The entry of a prestigious developer like Inorbit Malls into Hubli emphasizes the increasing appeal of these markets for large-scale real estate investments and high-quality retail spaces.”
Scheduled to launch by the end of this year, the Akshay Sky Mall aims to revolutionize the retail experience in Hubli, introducing top national and global brands to the city. Arora added, “This development not only boosts the local economy but also sets a benchmark for future projects in similar markets. We take pride in our team’s expertise and dedication in achieving this milestone and look forward to the positive impacts of this transaction on the region.”
Strategically located on Gokul Main Road, the Akshay Sky Mall is easily accessible within Hubli, the second-largest city in Karnataka, with a population of approximately one-and-a-half million. The mall also draws from the tertiary catchment area, including Dharwad city.
Suresh Shejwadkar, Managing Director of Suresh Enterprises Pvt Ltd, expressed his excitement over the successful transaction: “We are thrilled to hand over the Akshay Mall project to Inorbit Malls. This project, nurtured from its inception, is set to become a landmark in Hubli and enhance the city’s commercial landscape. We are proud to partner with Inorbit Malls, one of India’s leading shopping mall developers. This development will transform retail in Hubli and set new standards for future projects.”
With 50% of the catchment population aged between 15-45 years, Hubli-Dharwad’s young and aspirational demographic presents a prime opportunity for the mall to cater to the preferences of a significant segment of the population.
This deal not only signifies the largest shopping mall in the area but also stands as one of the most substantial real estate transactions in terms of value, further elevating Hubli’s real estate market and underscoring the city’s growth potential.
Also Read: Top Malls in India Revealed
