K Raheja Corp-controlled Inorbit Malls (India) Ltd has planned to invest around Rs 1,400 crore to build eight malls around the country within the next two years. According to the company, two of the proposed malls will fall in the value retail category and be set up at Hyderabad and at Baroda.
Confirming the development, Kishore Bhatija, chief executive officer of Inorbit, said , “This new value brand will be called ‘The Village’ and the first mall will be opened in Hyderabad by March 2009. In keeping with the name, these will be located away from city centres and will offer brands at affordable prices or at discounted rates.”
Bhatija further informed that getting land at a suitable price is a challenge for mall developers and these away-from-city malls can provide a cost advantage in that way.
Inorbit currently operates a mall at Malad and plans to add another four million square feet of retail space at cities including Pune, Hyderabad, Bengaluru and Mumbai by 2010.