Prozone mall deal may generate ₹50 crore revenue

The city’s Prozone Mall is set to be rebranded as “Inorbit Mall” following a reported Rs 1,300 crore deal between Prozone Malls (API Corner and Coimbatore) and Inorbit Malls. The Chhatrapati Sambhajinagar property alone is valued at around Rs 800 crore, making it one of the largest retail transactions in the city. If the sale is registered at the city’s stamp and registration office, the government may earn nearly Rs 50 crore in revenue. The stamp department has said it will closely monitor the transaction to ensure local registration. The mall, operational since October 2010, has completed 16 years in the city. Inorbit Malls, a subsidiary of K. Raheja Corp, has entered into the agreement with Prozone Realty Group as part of its retail expansion covering malls in Chhatrapati Sambhajinagar and Coimbatore. District stamp officer Vivek Gangurde said the department is tracking the deal and will ensure efforts are made to register it in the city to secure government revenue.