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Ghost Malls Haunt India: 74 Centers Empty
9 Dec, 2025
Summary
- 74 out of 365 surveyed malls are ghost assets.
- These ghost malls represent 15.5 million sq ft of vacant space.
- 15 centers could be retrofitted to earn ₹357 crore annually.
A concerning one-fifth of India's operational shopping centers, totaling 74 out of 365 surveyed, have been labeled 'ghost malls.' These properties are characterized by high vacancy rates exceeding 40%, weak tenant curation, and aging infrastructure, resulting in a substantial 15.5 million square feet of empty retail space across India's top 32 cities.
The report by Knight Frank India also points to a silver lining, identifying 15 of these underutilized centers with a combined area of 4.8 million square feet that could be revitalized. These retrofitting projects hold the potential to generate an annual rental income of ₹357 crore, offering a path to unlock value.
While the retail sector faces challenges with these ghost assets, Grade A malls are performing strongly with low vacancy rates. Experts suggest that revitalizing older centers through redevelopment or adaptive reuse will be crucial for India's ongoing retail transformation as consumer demand shifts towards high-quality retail formats.
