Knight Frank: 1 in 5 Indian malls are 'ghost malls' across 32 cities

• Knight Frank report identifies 74 "ghost shopping centres" (over 40% vacant) out of 365 surveyed across 32 Indian cities.
• These ghost malls are defined as operational for over three years with more than 40% vacancy, often having weak tenant curation and ageing infrastructure.
• The 74 ghost malls represent 15.5 million square feet of area.
• 15 of these centers, totaling 4.8 million sq ft, could be retrofitted to generate ₹357 crore in annual rent.
• Despite the issue, India's retail sector is growing, with Grade A malls operating at only 5.7% vacancy, emphasizing the need to revitalise older centers.

Why It Matters: High vacancy in Indian malls signals major shifts and opportunities in retail real estate.