India retail leasing hits record 9M sq ft in 2025, but 20% of malls turn ghosts

Top-8 cities clocked 9M sq ft of retail leasing in 2025 as consumers returned to stores. Yet 15 ghost malls span 4.8M sq ft with 40%+ vacancies, forgoing INR 357 cr in annual rentals. 2026 demand of 10-11M sq ft outstrips a 5.9M sq ft Grade-A pipeline, pushing tenants to high streets yielding 10-12% vs 8% for malls.

Top-8 cities clocked 9M sq ft of retail leasing in 2025 as consumers returned to stores. Yet 15 ghost malls span 4.8M sq ft with 40%+ vacancies, forgoing INR 35

India Retailing · 5/14/2026, 1:26:46 AM · Ask about this →

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