Archive · 12 Dec 2025
20% of India's Shopping Centres Are Ghost Malls
A report by Knight Frank found that nearly one-fifth of shopping centres in 32 cities across India are ghost malls, meaning they have over 50% of their space empty.
These malls could make over ₹350 crore in rent if they were fixed up.
The problem isn't just in smaller cities; even big cities have malls that aren't doing well.
Some cities like Mysuru and Vijayawada have very few empty stores, while others like Nagpur and Amritsar have a lot.
The report says there's a big chance for developers to make these malls better and more successful.
20% of 365 shopping centres in 32 Indian cities are ghost malls with over 50% vacancy rates.
74 malls identified as ghost assets represent 15.5 million square feet of dormant retail potential.
High-potential assets could generate ₹357 crore in annual rental revenues if reinvigorated.
Tier-I cities account for 75% of the dormant stock, presenting opportunities for redevelopment.
Some Tier-II cities like Mysuru and Vijayawada have low vacancy rates, while others like Nagpur and Amritsar have high vacancy rates due to oversupply and poor planning.
- Who
- Knight Frank, a realty consultancy firm
- What
- Identified 74 ghost malls in India with over 50% vacancy rates
- When
- Not specified
- Where
- 32 cities across India
- Why
- Due to high vacancy rates, weak tenant curation, ageing infrastructure, and declining relevance
- Total Shopping Centres Surveyed
- 365
- Cities Surveyed
- 32
- Ghost Malls Identified
- 74
- Dormant Retail Potential
- 15.5 million square feet
- Potential Annual Rental Revenue
- ₹357 crore
- Overall Retail Vacancy Rate
- 15.4%
- Grade A Malls Vacancy Rate
- 5.7%