Archive · 9 Dec 2025
Reinvigorating Ghost Malls in India
India has many shopping centers that are mostly empty, called 'ghost malls.'
These malls have high vacancies, old buildings, and are not very popular.
A report says that fixing just 15 of these malls, which have a total area of 4.8 million square feet, could make Rs 357 crore every year from rent.
Big cities like Mumbai and Delhi have a lot of these ghost malls, but smaller cities are doing better with full occupancy.
The report suggests that by making these malls better, they can become useful again and attract more shoppers and businesses.
Nearly one-fifth of India's operational shopping centres are 'ghost malls' with high vacancies and ageing infrastructure.
Reinvigorating 15 ghost malls with 4.8 million sq ft of space could unlock Rs 357 crore in annual rentals.
Tier 1 cities have an opportunity of Rs 236 crore in annual rentals, while tier 2 cities add Rs 121 crore.
Tier 1 cities account for 11.9 million sq ft of dormant stock, while tier 2 cities contribute 3.6 million sq ft.
Redevelopment, new ownership models, and design upgrades are bringing ageing assets back to life in tier 1 cities.
- Who
- Knight Frank India
- What
- Report on reinvigorating ghost malls in India
- When
- Tuesday (specific date not mentioned)
- Where
- India (across 32 cities)
- Why
- To unlock Rs 357 crore in annual rentals and revitalize dormant retail spaces
- Number of Ghost Malls
- 74
- Dormant Retail Space
- 15.5 million sq ft
- Potential Annual Rentals
- Rs 357 crore
- High-Potential Assets
- 15 centres with 4.8 million sq ft
- Tier 1 City Opportunity
- Rs 236 crore in annual rentals
- Tier 2 City Opportunity
- Rs 121 crore in annual rentals
- Grade A Mall Vacancy Rate
- 5.7%
- Dormant Stock in Tier 1 Cities
- 11.9 million sq ft
- Dormant Stock in Tier 2 Cities
- 3.6 million sq ft
