Inorbit Malls says it is not considering employing a pay-per-day rental model at its properties. Responding to a query on the optimum rental equation at Inorbit properties, Kishore Bhatija, CEO, Inorbit Malls, said exclusively to IndiaRetailing, “Across Inorbit we are now following a mix of minimum license fee and revenue share, whichever is higher. Both the retailers and we are comfortable with this model.”
“At the moment we are not looking at the pay-per-day model. The pay-per-day model would have to be studied in detail and the practicality of implementation needs to be established. And the rent model for everyone (retailers) is the same,” he added.
Talking about the leasing of the property and anchor tenants of the mall, which opened on October 14, 2009, Bhatija said, “The leasing for Cyberabad is close to being completed now. We have around 30 stores open as of today (Dec. 17) with over 40 stores in advanced stages of fitouts. All our retail anchors — HyperCity, Shoppers Stop and Lifestyle — are operational. Additionally, we have brands like Marks & Spencer, Max, McDonald’s and a number of India’s and Cyberabad’s leading brands.”
Talking about the developer’s next property, Bhatija said, “After Vashi and Cyberabad, we are now looking at opening Inorbit, Pune in the last quarter of 2010 and Inorbit, Whitefield by first quarter of 2011. After these, Vadodara is on the cards. We are on an active lookout for new properties at this moment.”
— Diwakar Kumar