Jun 28 , 2024

7 Facts About India's Ghost Shopping Malls

By True Scoop

High Vacancy Rates: Ghost malls have over 40% vacancy, increasing to 64 malls in 2023​.

Rising Numbers: From 57 in 2022, the number of ghost malls surged to 64 in 2023​​.

Major Cities Affected: Delhi-NCR, Mumbai, and Bengaluru have the highest number of ghost malls​.

Reasons for Decline: Preference for online shopping and Grade A malls over poorly maintained malls​​.

Financial Impact: Approximately $798 million (Rs 6,700 crore) is trapped in these non-performing malls​.

Demolition for Residential Use: Some ghost malls in Tier 1 cities are demolished to develop residential projects​​.

Challenges in Repurposing: Regulatory hurdles and financial constraints make repurposing these malls difficult​​.

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