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Inorbit Malls India Pvt Ltd, which is launching its sixth mall at Vadodara on Thursday, plans to develop four more in different cities in the next few years and also acquire two inorganically.
The four new malls will be in Pune (2), Hyderabad (1) and Mumbai (1). Besides, the company plans to acquire one brown-field project each in Chennai and Bangalore, Kishore Bhatija, Managing Director and CEO, Inorbit Malls told reporters here on Wednesday.
The company is also looking at Tier 2 and 3 cities like Mysore, Nagpur and Coimbatore for its future projects.
Due to the prevailing market conditions, the current average cost of mall development has increased to Rs 4,000 per sq ft and the company has invested Rs 300 crore on the Vadodara project.
Claiming that there was no over-supply of commercial space in malls, Bhatija said there was still room for better-managed and right-sized malls. Inorbit plans to add one mall each year to its inventory. Currently it has 3.2 million sq ft of operational commercial mall area (including Vadodara) and plans to increase it by 2 million sq ft in the next five years.
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