Life for the shopkeepers of Dreams Mall has been more like a nightmare ever since the three-storey building in Bhandup, a Mumbai suburb, was partly damaged by two fires in a short space of time.
They are still on the hook for property and municipal taxes, even though the 1,000-shop mall has been closed since the fires in 2021 and 2022.
It has fallen into such disrepair now that, as Google reviewer Gopakumar puts it, "a horror movie could be shot here".
A study by real estate consultancy Knight Frank India of 340 shopping centres in 29 cities found 64 to be "ghost malls", with vacancies of over 40 per cent.
This is up from the 57 ghost malls in 2022, based on the Think India Think Retail 2024 report.
Almost one in five shopping centres in the study wears an abandoned look a near-empty building with shuttered stores and eerie, darkened hallways.
"Many of the small shopping malls are on the verge of closure," said Mr Gulam Zia, director of Knight Frank India.
Most underperformers are older suburban malls that cannot compete with glitzier developments in more central locations that have organised zoning and brand-name anchor tenants, as well as attractions such as cineplexes, large foodcourts and family entertainment zones.
About 13.3 million sq ft of shopping space is vacant, resulting in a loss of 67 billion rupees (S$1.08 billion) in revenue for developers in 2023, the report found.
Coming in with the highest number of ghost malls is the National Capital Region, which includes Delhi and its neighbouring suburbs. It has 21 such malls, followed by "India's Silicon Valley" Bengaluru with 12, and financial hub Mumbai with 10.
The National Capital Region and Mumbai, especially, have a growing number of struggling malls.
Denne historien er fra May 19, 2024-utgaven av The Straits Times.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra May 19, 2024-utgaven av The Straits Times.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
THE NEW BERNABEU A REAL PROBLEM
Locals and neighbourhood residents hate noise from concerts and construction work
Japan seek to beat the heat and Saudi Arabia
HONG KONG - Japan face second-placed Saudi Arabia in Group C of Asia's third round of World Cup qualifiers in Jeddah on Oct 10, looking to continue their prolific start as top-of-the-table clashes take centre stage across the continent.
Police investigating Spanish pair over protests in S'pore
A Spanish man and woman in their 30s are assisting the police with investigations after photos appeared on social media of the man holding a banner in various parts of Singapore to protest against Singaporean business magnate Peter Lim, who owns Spanish top-tier football club Valencia.
FROM SAUDI SPLURGE TO SPENDING SLUMP
Football transfer outlay drops in 2024 as officials assess the commercial returns
Future looks bright for America's Cup: Ainslie
BARCELONA - Sailing has a great opportunity to develop as a sport if the America's Cup can involve more frequent events and evolve the boats now being raced, according to British skipper Ben Ainslie.
Sport can be 'solution multiplier' for climate
LONDON – Sports clubs and organisations must raise their game and become leaders in the battle to prevent catastrophic climate change, Sport England chairman Chris Boardman said on Oct 8.
SINNER TO BE GIVEN NO QUARTER
Medvedev vows to put up a better fight against world No. 1 in Shanghai last eight
Ryder Cup captains won't exclude LIV Golf players
NEW YORK - Ryder Cup captains Keegan Bradley and Luke Donald said on Oct 8 that they will not shy away from including LIV Golf players in their respective teams for the 2025 biennial showdown between the United States and Europe.
MISTY SWIFT EARNS EVEN MORE FANS AT TRIALS
Ex-Kranji runner No More Delay also struts his stuff at hit-outs
MediShield Life can be made more effective. Its review holds the key
We must incentivise outpatient treatment and accept that, in some cases, personalised medicine can save lives.
