Inorbit to set up another Mall in Mumbai

K Raheja group, promoters of Inorbit malls, is believed to have bought Orkay Mills property in Mumbai for nearly Rs 200 crore. The group will set up another high-end mall on the 4,098-sq-metre mill land in a suburb of the city.The defunct Orkay Mill property was up for sale for quite sometime. The company is believed to have signed the deal last week.
K Raheja group has already chalked out an expansion plan for its highly successful mall business. Its expansion plans include setting up malls in places such as Vashi (Navi Mumbai), Hyderabad and Pune. The mall in Vashi is almost ready and K Raheja will announce the inauguration date very soon. It will be similar to the existing mall in Malad.The Inorbit Mall in Malad is spread over 500,000 sq ft. The ground and the middle floors consist of various stores.
The third floor offers a gaming arcade with over 100 games and a play area for children.
The mall has adequate car parking space, renowned international brands, and a food court. The mall, which has 115 outlets, gets a significant number of footfalls every day, which can be up to 60,000 on weekends.
It commands a premium on rentals as well. Its rental at Rs 175 per sq ft is much above the rentals charged by other malls in northwestern Mumbai, which is at around Rs 135 per sq ft, according to a Jones Lang LaSalle Meghraj report on the retail sector.
However, the property in Malad in western suburb of Mumbai has been dogged by controversy over tenancy and lease agreements between the Rahejas and Wadias of Bombay Dyeing, who own the land.