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.