Inorbit Malls looking to expand in southern states
Inorbit Malls, a subsidiary of the K Raheja Corporation, is scouting for more properties in South India even as it is working with the government for getting industry status for the mall business.
Hyderabad: Inorbit Malls, a subsidiary of the K Raheja Corporation, is scouting for more properties in South India even as it is working with the government for getting industry status for the mall business.
"...We are positive about growth in southern states. In Hyderabad we are adding one more (centre) at our 10-acre property at Pocharam. We are also looking for properties at Bangalore and Chennai," Inorbit Malls Managing Director and CEO Kishore Bhatija told reporters.
"We are negotiating on different opportunities, including on taking over under construction/existing malls," he said.
Inorbit Malls, which operates malls in Mumbai, Hyderabad, Bangalore, Pune and Vashi (Navi Mumbai) will open its sixth mall in Vadodara next month, Bhatija said.
The mall business over the years has become challenging due to different factors including rising real estate costs, interest costs and also due to opening up of more number of malls, he pointed out.
"We are not classified as industry segment. We are working with government (on getting) recognition for industry status. This besides, if specific lands are earmarked as properties for malls in cities then the prices will not go up so much," he explained.
Inorbit Malls are attracting about 4 million footfalls a month, he said adding "our malls are not just shopping destinations, but community centres where people come and engage in various activities other than shopping, dining and entertainment."