Knight Frank: 15 Ghost Malls Can Yield ₹357 Cr Annually with Renovation

• A new report reveals that every fifth shopping mall in India is nearly empty, with 74 malls having over 40% vacancy, totaling 15.5 million sq ft of unused retail space.
• Reviving just 15 specific "ghost malls" could generate an additional ₹357 crore in annual rent by improving design, brands, and facilities.
• Well-managed, Grade A malls still show strong demand with only 5.7% vacancy, indicating the problem lies with older, poorly planned malls.
• Tier 1 cities hold 11.9 million sq ft of ghost mall space, offering significant revival potential by converting them into mixed-use projects or community hubs.
• The future of malls depends on offering experiences like food and entertainment, not just shopping, making renovation a crucial business opportunity.

Why It Matters: Redeveloping empty malls could unlock ₹357 crore in annual rental income.