Raheja Group is all set to open its new store – Inorbid Mall – in the port city of Visakhapatnam. The mall is to come up on a sprawling 17-acre land belonging to the Visakhapatnam Port.
The Inorbit Malls are familiar in metros across the country and have considerable patronisation of the customers. Perhaps for the first time coming to Andhra Pradesh. It has a store in Cyberabad city of Telangana.
The Raheja Group had tied-up with the Visakhapatnam Port Trust to establish the mall. It had paid Rs 125 crore to the Port Trust to have the 17 acres of land on a 30 years lease. The firm has to leave the place with the structures after the lease period expires.
However, if the firm wants to continue further on the same place, the firm would have to pay the land price and the structures price towards lease. The Port Trust had started to lease out its lands to avoid encroachments and also to make some income out of the vacant lands.
Port Trust chairman, K Ramamohan Rao told media persons in Visakhapatnam that the mall would come up in the Port Trust lands. The trust had leased 17 acres of its land at Saligrama Puram village to the Raheja Group for the mall, he said.
However, the Raheja Group is yet to make an announcement on its entry to Andhra Pradesh.
