JLL Brokers Major Deal for Akshay Sky Mall, Highlighting Tier II Market Potential

Mumbai, September 19, 2024 – In a pivotal development for the retail real estate sector, Inorbit Malls (India) Pvt Ltd has acquired the ready-to-launch Akshay Sky Mall in Hubli, Karnataka, from Suresh Enterprises Pvt Ltd. With a gross built-up area of 643,319 square feet, this transaction represents a significant milestone in the region’s commercial landscape.

Strategic Advisory and Management by JLL

JLL has been instrumental in facilitating this landmark deal, overseeing the mall’s leasing operations while serving as the exclusive marketing team for the property’s sale. The consultancy conducted a comprehensive advisory study, analyzing various factors including catchment dynamics, zoning regulations, tenant mix, and leasing strategies to ensure a successful transaction.

Hubli: An Emerging Commercial Hub

Hubli, recognized as one of the 100 smart cities by the Ministry of Urban Development, is a burgeoning commercial center in North Karnataka. The city attracts a daily floating population exceeding 100,000, making it an ideal location for large-scale retail developments. Rahul Arora, Head of Office Leasing & Retail Services at JLL, noted, “This transaction underscores the growing importance of Tier II markets in India. The entry of a prestigious developer like Inorbit Malls highlights the increasing attractiveness of these cities for real estate investments.”

Transforming the Retail Experience

The Akshay Sky Mall is strategically located on Gokul Main Road, ensuring easy accessibility. Scheduled to launch at the end of this year, the mall is expected to significantly enhance Hubli’s retail experience by introducing a variety of top national and global brands. Suresh Shejwadkar, Managing Director of Suresh Enterprises, expressed enthusiasm about the project’s potential impact on the local economy and its role in setting benchmarks for future developments.

A Young and Aspiring Consumer Base

The demographic profile of the Hubli-Dharwad area, characterized by a youthful and aspirational consumer base, further enhances the mall’s prospects. Approximately 50% of the catchment population falls within the age range of 15 to 45 years, presenting an excellent opportunity for retailers to cater to the preferences of this significant segment.

A Landmark Transaction for Hubli-Dharwad

This acquisition not only marks the largest shopping mall development in the Hubli-Dharwad area but also stands out as one of the most substantial real estate transactions in terms of value. The deal signifies a boost for the local real estate market, underscoring the growth potential and attractiveness of Hubli as an emerging city in India. As Inorbit Malls prepares for the launch of Akshay Sky Mall, the region eagerly anticipates the transformation it promises for the retail landscape.