K Raheja Corp's subsidiary Inorbit Malls (India) has acquired a retail property spread over gross built up area of nearly 6.5 lakh sq. ft. in Hubli, Karnataka from Suresh Enterprises for over Rs 400 crore.

The asset, Akshay Sky Mall, is completely developed and is scheduled to be launched in the next few months. The mall is strategically situated on Gokul Main Road and its catchment extends to cover Hubli and Dharwad. 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 retail property is currently fully leased with anchor tenants including brands such as Reliance Trends, Smart Bazaar, and Timezone. Hubli, located within the Hubballi-Dharwad Municipal Corporation, has been selected as one of the 100 smart cities by the Ministry of Urban Development. The entry of an established developer into Hubli highlights its increasing attractiveness for large-scale real estate investments and the demand for high-quality retail spaces.

JLL acted as the advisor for the transaction, while also providing zoning, tenant mix, and leasing strategy for the mall.