For over a decade, shopping malls symbolised India’s aspirational growth story. They were weekend destinations, dating spots, family hangouts, and air-conditioned escapes from chaotic streets. But today, not all of them are thriving.
According to a recent retail real estate assessment by global property consultancy Knight Frank India, nearly 20% of India’s operational shopping malls, 74 out of 365 across 32 cities fall into the “ghost mall” category, defined as properties with over 40% vacancy and consistently low footfall. The report highlights that many of these centres struggle due to poor tenant mix, ageing infrastructure, fragmented ownership, or the rise of newer, experience-driven malls.
While not abandoned, these malls reflect a deeper
shift in how India shops.
Here are ten malls and retail centres that have faced significant decline, based on media reports and retail studies:
1. The Great India Place (GIP), Noida
Once one of NCR’s largest and most visited malls, The Great India Place (GIP) opened in 2007 and became synonymous with Noida’s retail boom. However, after the launch of DLF Mall of India in 2016, which offered larger global brands and modern design, GIP gradually lost footfall.
As reported by NDTV, GIP suffered from fragmented ownership and lack of reinvestment, making coordinated upgrades difficult. Over time, major tenants exited, and large sections remained underutilised.
2. Gold Souk Grande, Kochi
When Gold Souk Grande opened in 2011, it was positioned as Kerala’s largest mall. Yet within a decade, footfall dropped sharply.
According to reporting and local coverage, most stores shut down over the years. Media accounts have described the mall as largely vacant, with only a handful of operational spaces remaining.
3. Raghuleela Mall, Vashi (Navi Mumbai)
Located in Vashi, this mall once drew steady traffic from Navi Mumbai residents. However, competition from newer developments and lack of upgrades led to reduced occupancy.
Public reports indicate that redevelopment plans have been considered, signalling that the mall may transition into a mixed-use property rather than continue as a traditional retail space.
4. Several Malls in Kolkata’s New Town–Rajarhat Belt
A report by The Times of India noted that 6 out of 23 shopping centres in Kolkata’s New Town–Rajarhat area had less than 50% operational shops, with vacancy rates touching around 55%.
Retail experts attribute this to oversupply in the region combined with changing shopping patterns.
5. ETA Mall, Bengaluru
Bengaluru’s early mall boom produced several properties that later struggled. ETA Mall in Binneypet is frequently cited in urban retail discussions as one that failed to maintain strong footfall amid intense competition.
Reports in regional publications have pointed to declining relevance as consumers shifted toward larger destination malls and high-street formats.
6. T.K. Ramakrishnan Memorial Mall, Kochi
Constructed by a local municipality and inaugurated in 2020, this mall struggled to attract sustained retail occupancy.
As per The Times of India, civic authorities later explored repurposing the property due to limited tenant interest.
7. A.G. Raghava Menon Memorial Mall, Kochi
Another civic-developed property in Kerala, this mall also faced low leasing response post-launch. Local reporting suggested that alternative utilisation models were being considered.
8. Ansal Plaza, Delhi
One of Delhi’s early malls, Ansal Plaza was once a premium retail address. However, multiple media reports over the years have documented declining tenant presence and reduced footfall, especially after newer malls opened in Saket and Vasant Kunj.
Industry commentary often cites weak leasing strategy and lack of repositioning as key factors.
9. Malls in Nagpur
Knight Frank’s data shows Nagpur recording vacancy rates close to 49%, among the highest in India. Several malls in the city struggle to maintain anchor tenants and consistent traffic.
10. Malls in Amritsar and Jalandhar
The Knight Frank study also highlights elevated vacancy levels in tier-2 cities such as Amritsar (around 41%) and Jalandhar (around 34%), reflecting structural retail stress in certain regional markets.
Why Did These Malls Struggle?
Retail analysts and real estate studies point to recurring patterns:
Oversupply of mall space without proportional consumer demand
Fragmented ownership, making coordinated upgrades difficult
Loss of anchor tenants, which significantly reduces footfall
Rise of experiential malls that focus on dining and entertainment
Shift to high-street retail and e-commerce
According to Knight Frank India, some of these underperforming malls still hold revival potential. The consultancy estimates that repositioning or redeveloping select properties could unlock significant rental value if done strategically.
The Bigger Picture
India is not witnessing the death of malls but rather a correction.
The malls that are thriving today focus on:
Curated brand mixes
Entertainment-led experiences
Dining-first strategies
Continuous reinvestment
The ones that failed were often static in a dynamic retail environment. Ghost malls are not ruins, they are reminders. Of a retail model that once worked, but didn’t evolve quickly enough. And in India’s rapidly transforming urban landscape, evolution is everything.
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