Overview
- The survey mapped 365 shopping centres across 32 cities totaling 134 million sq ft and found 74 with vacancies above 40 percent, or 15.5 million sq ft of dormant space.
- From that pool, 15 centres totaling 4.8 million sq ft are flagged as near-term turnaround candidates capable of generating about ₹357 crore in annual rentals.
- Tier 1 markets account for ₹236 crore of the potential across 2.9 million sq ft, with Tier 2 contributing ₹121 crore across 2.0 million sq ft.
- Western India hosts roughly 44 percent of ghost malls, and together the West and South represent 77 percent of the identified rental upside.
- Performance is increasingly polarized, with Grade A malls at about 5.7 percent vacancy versus up to 36 percent at lower-grade assets, prompting strategies such as redevelopment and adaptive reuse.