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.
India's retail real estate is rebounding with record 9M sq ft leasing in 2025, but nearly 20% of 365 malls are ghost malls with 40%+ vacancies; 2026 demand outpaces Grade-A supply, favoring high streets and legacy asset modernisation.