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<keyword id="19895142" type="General" weightage="100" keywordseo="Shah-Rukh-Khan" source="keywords">Shah Rukh Khan</keyword>, widely known as the "King of <keyword id="19897820" type="General" weightage="20" keywordseo="Bollywood" source="keywords">Bollywood</keyword>," has officially joined the ranks of India’s wealthiest, debuting on the 2024 <keyword id="21075617" type="General" weightage="20" keywordseo="Hurun-India-Rich-List" source="keywords">Hurun India Rich List</keyword> with an impressive wealth of Rs 7,300 crores. But how did a Delhi boy with dreams of making it big in Mumbai become one of India’s richest individuals? Let’s dive into the ventures that propelled King Khan into the billionaires' club. <h3 style="line-height:1.2;margin-top:14pt;margin-bottom:4pt;"><keyword id="20033371" type="General" weightage="20" keywordseo="Red-Chillies-Entertainment" source="keywords" meta.keywordsubtype="org" meta.entityname="Red Chillies Entertainment" meta.hostid="261" meta.entityid="Red Chillies Entertainment">Red Chillies Entertainment</keyword></h3>Shah Rukh Khan’s production company, Red Chillies Entertainment, has been a significant contributor to his wealth. Founded in 2002, Red Chillies has become a key player in Bollywood, producing blockbuster films and investing in high-quality visual effects. From chart-topping films like Chennai Express and Raees to the massive success of Pathaan in 2023, Red Chillies has consistently delivered box office hits. <div type="Article" hostid="261" msid="112412196" title="&amp;#39;Deadpool &amp;amp; Wolverine&amp;#39; screenwriters reveal secrets and spoilers, including the movie&amp;#39;s original villain and who wrote that Hugh Jackman divorce joke" mstype="2" mssubtype="0"></div>With an estimated revenue consistently in the hundreds of crores and a profit of Rs 85 crores last year, the company has not only cemented SRK’s position as a top actor but also as a successful producer. Furthermore, the company’s VFX division, Red Chillies VFX, has set new benchmarks in the <keyword id="20161413" type="General" weightage="20" keywordseo="Indian-film-industry" source="keywords">Indian film industry</keyword>, working on major projects that have earned critical and commercial acclaim, such as Ra.One, Fan, and Laal Singh Chaddha. These ventures have significantly bolstered SRK’s wealth, making Red Chillies Entertainment a cornerstone of his business empire. <h3 style="line-height:1.2;margin-top:14pt;margin-bottom:4pt;"><keyword id="19899758" type="General" weightage="20" keywordseo="Kolkata-Knight-Riders" source="keywords" meta.keywordsubtype="org" meta.entityname="Kolkata Knight Riders" meta.hostid="261" meta.entityid="Kolkata Knight Riders">Kolkata Knight Riders</keyword></h3>Shah Rukh Khan’s entry into the sports business with the IPL franchise Kolkata Knight Riders (KKR) has been a masterstroke. Co-owned by SRK, Juhi Chawla, and Jay Mehta, KKR has become one of the most successful and profitable franchises not just in the Indian Premier League, but also in the sporting world. The team’s consistent performance on the field has been matched by its financial success off it, with KKR’s brand value rising steadily over the years. As per Forbes, the cricket team was valued at over $1 billion in 2022. This surge in valuation played a crucial role in boosting SRK’s wealth, contributing significantly to his fortune. The success of KKR, coupled with its passionate fan base and strong marketing, has made it a jewel in SRK’s business portfolio, further solidifying his status as a businessman. <h3 style="line-height:1.2;margin-top:14pt;margin-bottom:4pt;">Brand SRK: The most followed Indian on social media</h3>More than just a business mogul, Shah Rukh Khan is also a brand unto himself. With 44.1 million followers on Twitter, SRK is the most followed individual from the 2024 Hurun India Rich List on Indian social media. His massive <keyword id="20462299" type="General" weightage="20" keywordseo="social-media-presence" source="keywords">social media presence</keyword> has translated into lucrative endorsement deals and collaborations with global brands. <div type="Article" hostid="261" msid="112249289" title="One of Singapore&amp;#39;s flashiest CEOs was planning to throw a Tomorrowland-style party for the books. Then the mirage started to fall apart." mstype="2" mssubtype="0"></div>Consistently being one of the most visible endorsers, SRK earns substantially from <keyword id="20004407" type="General" weightage="20" keywordseo="brand-endorsements" source="keywords">brand endorsements</keyword>, with an estimated fee of Rs 4-5 crores per endorsement. His portfolio includes major brands like Hyundai, Dubai Tourism, and BYJU'S, further adding to his immense wealth. His ability to leverage his celebrity status into profitable business ventures has undoubtedly been a key factor in his <keyword id="21015152" type="General" weightage="20" keywordseo="wealth-accumulation" source="keywords">wealth accumulation</keyword>. <h3 style="line-height:1.2;margin-top:14pt;margin-bottom:4pt;">Real estate</h3>Real estate has always been a key component of wealth building, and Shah Rukh Khan is no exception. Shah Rukh Khan’s <keyword id="22962036" type="General" weightage="20" keywordseo="real-estate-ventures" source="keywords">real estate ventures</keyword> extend far beyond his iconic Mumbai residence, Mannat. One of his lesser-known yet highly lucrative ventures is in Dubai, where he and his wife Gauri Khan launched a luxurious beachfront residential project, the "SRK Boulevard," located in the posh Dana Islands. This mega project, worth over Rs 18,000 crore, features 10 residential buildings with high-end facilities, including marine sports and leisure amenities. Designed by Los Angeles architect Tony Ashai, with interiors by Gauri Khan, this project highlights SRK’s foray into international real estate <h3>And of course, films</h3>Shah Rukh Khan’s earnings from films and endorsements are a significant part of his wealth. Known as one of the highest-paid actors in India, SRK reportedly charges over Rs 100 crores per film. This is certainly no small amount, but it is unlikely that filmmakers will find fault with it, considering how his films regularly break box office records. As per IMdB, both 2023 films Jawan and Pathaan grossed over Rs 1000 crores worldwide. All in all, King Khan’s entry into the Hurun India Rich List is significant not just for him, but for the entire entertainment industry. SRK’s success reflects the growing financial clout of Indian film stars and the increasing importance of entertainment in wealth creation. In 2024 alone, Hurun India Rich Listers from the entertainment industry added Rs 40,500 crores to their wealth, with SRK leading the charge. This trend highlights the expanding influence of Bollywood and the entertainment sector in India’s broader economic landscape.

Baadshah of Bollywood Shah Rukh Khan debuts on India's richest list with Rs 7,300 cr — here's how the King made his wealth

Chennai on Sunday witnessed a rain-free morning, but cloudy weather returned ahead of the Indian Premier League (IPL) 2024 final between <keyword id="6354467" type="General" weightage="20" keywordseo="kolkata-knight-riders" source="Orion">Kolkata Knight Riders</keyword> (KKR) and <keyword id="1494441" type="General" weightage="20" keywordseo="sunrisers-hyderabad" source="Orion">Sunrisers Hyderabad</keyword> (SRH) at the <keyword id="20899355" type="General" weightage="20" keywordseo="ma-chidambaram-stadium" source="keywords">MA Chidambaram Stadium</keyword>. As per ESPNcricinfo, KKR's training session was disturbed by a sharp spell of rain lasting over an hour. However, at the time of 1 pm on Sunday afternoon, the rain peril appeared to be removed, having just a 4 per cent chance of precipitation according to Accuweather. In case the weather becomes the hurdle in the summit clash, there is a provision for a <keyword id="21810472" type="General" weightage="20" keywordseo="reserve-day" source="keywords">reserve day</keyword>. Notably, the 2023 <keyword id="19931" type="General" weightage="20" keywordseo="IPL-final" source="Orion">IPL final</keyword> in Ahmedabad went into the reserve day, where due to the rain the match was pushed to the finish of the match. In the match, Chennai Super Kings (CSK) chased down the revised total target of 171 in 15 against Gujarat Titans (GT) - at 1:35 am on what was actually day three. KKR finished the league stage on the top of the points table with nine wins, three losses and two no results, giving them 20 points. They earned a direct spot in the final by defeating SRH in the qualifier one. SRH got a second shot at the title in the qualifier two against Rajasthan Royals (RR) and they made the most of it by defeating the Men in Pink by 36 runs. Meanwhile, SRH captain Pat Cummins remarked that his golden run as captain in all formats of cricket has to end at some point in time. "It has been great. The run has got to stop at some point. It has been a great couple of years. I had not captained in T20 before this tournament. I did not know what to expect. It is quite fast-paced (in T20Is). Drawing on ODI captaincy last year, it (T20Is) did not feel too foreign," Cummins said in the pre-match press conference. The pitch for the final is a red-soil strip which was also used for CSK's match against Punjab Kings (PBKS) on May 1. On the playing surface, KKR captain Shreyas Iyer the wicket is different from what it was yesterday during the qualifier two between SRH and Rajasthan Royals (RR). "It is red soil, yesterday it was black. Looking through TV, we thought dew was going to play a role, but it did not the ball started spinning," he concluded. Irrespective of who comes out on top, the cricket fans and the sport itself will win, fortunate enough to witness what could the final game of a game-changing IPL.

IPL 2024 final: Will rain play spoilsport in blockbuster title clash between KKR-SRH?

Kolkata, <keyword id="13839" type="General" weightage="20" keywordseo="Gautam-Gambhir" source="Orion">Gautam Gambhir</keyword> on Wednesday was named 'Mentor' of Shah Rukh Khan-owned-Kolkata Knight Riders, an IPL franchise that won its two championships under his able leadership back in 2012 and 2014. Gambhir, the hero of India's T20 and 50 over World Cup victories, had led KKR from 2011 to 2017 before parting ways and for the past two seasons was at helm of Lucknow Super Giants as their 'Mentor. Lucknow qualified for play-offs during both seasons but were unable to go the distance which prompted the franchise to bring in former Australian opener and T20 World Cup winning coach Justin Langer. Once the Sanjiv Goenka-owned franchise roped in Langer, Gambhir's exit was always on the cards. While both LSG and Gambhir vehemently denied the move for longest time, a lengthy meeting in Bollywood superstar's Mumbai home had created a lot of buzz about his apparent move, which finally turned into a reality. Venky Mysore, the all-powerful CEO of KKR, announced that Gambhir will join hands with head coach Chandrakant Pandit. "I am not an emotional person and not many things move me. But this is different. This is back to where it all started. Today, there is a lump in my throat and fire in my heart as I think about slipping into that purple and gold jersey once again," Gambhir was quoted as saying in a press note issued by franchise. "I am not only coming back to KKR but I am coming back to the 'City of Joy'. I am back. I am hungry. I am number 23. Ami KKR," the former India KKR's principal Shah Rukh Khan said: "Gautam has always been part of the family and this is our 'Captain' coming back home in a different avatar as a "Mentor". "He was sorely missed and now we all look forward to Chandu Sir and Gautam in instilling the never-say-die spirit and of sportsmanship they stand for, in creating magic with Team KKR." Expected to get full authority ================== One thing about Gambhir, who is also an elected Member of Parliament, is that he likes to have his own team and full control of proceedings and he is always ready to bear the brunt of consequences. With Gambhir's re-entry in his "spiritual home", it will be interesting to see the scope and domain for former Mumbai all-rounder Abhishek Nayar, who had a big say in strategic matters related to team selection and combination. With Gambhir, he has always been the "Captain' of the ship as principal owner said in his statement, and KKR fans would hope for a turnaround after a few indifferent seasons.

Gautam Gambhir returns to Kolkata Knight Riders as 'Mentor'

<keyword id="19959099" type="General" weightage="20" keywordseo="sunrisers-hyderabad" source="keywords">Sunrisers Hyderabad</keyword> (<keyword id="274027" type="General" weightage="20" keywordseo="srh" source="Orion">SRH</keyword>) have appointed <keyword id="19941485" type="General" weightage="20" keywordseo="pat-cummins" source="keywords">Pat Cummins</keyword> as the captain of the side ahead of the 2024 Indian Premier League (<keyword id="6354312" type="General" weightage="20" keywordseo="ipl" source="Orion">IPL</keyword>) season, said the franchise through its social media accounts on Monday. SRH were captained by Aiden Markram in previous two seasons, but didn't gain any significant success, especially finishing at the bottom of the points table in IPL 2023, having just four wins from 14 matches. Markram, though, successfully led SunRisers Eastern Cape, a sister team of the SRH franchise to the trophy in the first two seasons of the SA20. But <keyword id="19928916" type="General" weightage="20" keywordseo="cummins" source="keywords">Cummins</keyword> had a magnificent 2023, which boosted his leadership credentials - winning the World Test Championship (WTC), retaining the Ashes in England and claiming a record sixth Men's ODI World Cup as captain of Australia. It will be the first time Cummins will be captaining a side in the IPL and reunites with Daniel Vettori, the new SRH head coach who also works as an assistant coach for Australia. He also becomes the second Australian to be SRH's captain after fellow country-mate <keyword id="19948689" type="General" weightage="20" keywordseo="david-warner" source="keywords">David Warner</keyword>, who led the franchise in 67 matches from 2015 to 2021. In last year's IPL Auction at Dubai, Cummins was roped in by the franchise for a whopping Rs 20.5 crore, making him the second-most expensive player in the history of the league. Cummins has previously been a part of Delhi Capitals and <keyword id="20446970" type="General" weightage="20" keywordseo="kolkata-knight" source="keywords">Kolkata Knight</keyword> Riders in the IPL. Sunrisers Hyderabad, the IPL 2016 winners, will open its IPL 2024 campaign on March 23 against two-time champions Kolkata Knight Riders at the Eden Gardens, followed by playing its first home match at the Rajiv Gandhi International Stadium on March 27 against five-time champions Mumbai Indians. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/news/realme-12-5g-with-dimensity-7050-chipset-to-launch-in-india-on-march-6/articleshow/108129873.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/realme-12-5g-with-dimensity-7050-chipset-to-launch-in-india-on-march-6/articleshow/108129873.cms" target="_blank">Realme 12+ 5G with Dimensity 7050 chipset to launch in India on March 6</a><a href="https://www.businessinsider.in/tech/mobile/news/xiaomi-14-to-launch-in-india-on-march-7-to-take-on-the-galaxy-s23-and-oneplus-12/articleshow/107841326.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/xiaomi-14-to-launch-in-india-on-march-7-to-take-on-the-galaxy-s23-and-oneplus-12/articleshow/107841326.cms" target="_blank">Xiaomi 14 to launch in India on March 7, to take on the Galaxy S23 and OnePlus 12</a><a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-launching-in-india-in-march-2024/slidelist/108095936.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-launching-in-india-in-march-2024/slidelist/108095936.cms" target="_blank">Upcoming cars launching in India in March 2024</a>

IPL 2024: Sunrisers Hyderabad appoint Pat Cummins as captain for upcoming season

Former Australia pacer <keyword id="150099" type="General" weightage="50" keywordseo="jason-gillespie" source="Orion">Jason Gillespie</keyword> has questioned Pat <keyword id="113731" type="General" weightage="100" keywordseo="cummins" source="Orion">Cummins</keyword>' massive <keyword id="6354312" type="General" weightage="80" keywordseo="ipl" source="Orion">IPL</keyword> price tag, saying T20 cricket is not the quick's best format but backed Mitchell <keyword id="1596377" type="General" weightage="80" keywordseo="starc" source="Orion">Starc</keyword>'s jaw-dropping Rs 24.75 crore deal. Cummins attracted the second highest paycheck in the auction in Dubai on Tuesday after an intense bidding war between Mumbai Indians, Royal Challengers Bangalore, Chennai Super Kings, and <keyword id="1494441" type="General" weightage="50" keywordseo="sunrisers-hyderabad" source="Orion">Sunrisers Hyderabad</keyword>, who shelled out a whopping Rs 20.50 crore for the Australian captain. "Pat's obviously a quality bowler and a quality leader, we've seen that. I just don't think T20 is his best format," Gillespie told SEN Radio. "I think he's a Test bowler, personally. I think Test cricket is his absolute bread and butter." It was not the first time that Cummins, who has 55 wickets in 50 T20I matches at an average of 24.54 and economy of 7.37 in T20Is, attracted huge sums at the IPL auction. Ahead of the 2020 edition, KKR had paid Rs 15.5 crore for his services. "He's a good T20 bowler, make no mistake. But that's massive overs for me," Gillespie added. A little over an hour after Cummins landed his deal, Starc surpassed his captain to become the costliest player in the IPL history as <keyword id="262945" type="General" weightage="50" keywordseo="kolkata-knight" source="Orion">Kolkata Knight</keyword> Riders spent a mind-boggling Rs 24.75 crores for the left-armer's services. Starc, who has usually prioritised international duty over playing in the IPL, has played only two seasons of the cash-rich league, taking 34 wickets in 27 games at an average of 20.38. "I think he's a great buy. It's a lot of money, we all acknowledge that, but the IPL is a very rich tournament... I'm absolutely delighted for Mitch. "I think it just highlights how important teams value left-arm fast bowling and left-arm swing bowling at pace," Gillespie said.

Gillespie backs Starc's IPL deal but questions Cummins massive price tag

Dubai [UAE], December 19 (ANI): West Indies power hitter <keyword id="3856933" type="General" weightage="20" keywordseo="rovman-powell" source="Orion">Rovman Powell</keyword> went for a whopping sum, while Australia's destructive opener <keyword id="1182470" type="General" weightage="20" keywordseo="travis-head" source="Orion">Travis Head</keyword> found himself a new home in <keyword id="1494441" type="General" weightage="80" keywordseo="sunrisers-hyderabad" source="Orion">Sunrisers Hyderabad</keyword> as a direct replacement for <keyword id="4120840" type="General" weightage="80" keywordseo="harry-brook" source="Orion">Harry Brook</keyword>. Powell, who set his base price at Rs 1 crore, received the opening bid from <keyword id="6354467" type="General" weightage="50" keywordseo="kolkata-knight-riders" source="Orion">Kolkata Knight Riders</keyword>. Rajasthan Royals jumped in and competed for Powell. Powell captained Barbados Royals in the CPL and ended up walking away with a whopping sum of Rs 7.4 crore. Kolkata bid hard but Rajasthan edged past them to acquire the services of the batter. The WI T20I skipper has featured in 66 T20Is, scoring 1,202 runs at an average of 26.71 and a strike rate of above 143, with a century and five fifties. Head, who produced remarkable performances in the World Test Championship final and the ODI World Cup final earlier this year, was one of the names with a hefty price tag. Chennai Super Kings and Sunrisers Hyderabad were engaged in a fierce bidding battle. However, Head became a part of the Orange family for a price tag of 6.8 crore. On the other hand, former SRH player, Harry Brook was acquired by Delhi Capitals for Rs 4 crore, unlike his previous hefty price tag of Rs 13.25 crore. The young right-handed batter has represented England in 27 T20Is, scoring 531 in 25 innings at an average of 27.94 and a strike rate of above 145, with two half-centuries. He had an underwhelming IPL last season with Sunrisers Hyderabad after being bought for Rs 13.25 crores, scoring just 190 runs in 11 matches at an average of 21.11, with one century. Overall in 125 T20s, he has scored 3,019 runs at an average of over 33 and strike rate above 150, with three centuries and 11 fifties. South Africa's experienced batter <keyword id="614641" type="General" weightage="50" keywordseo="rilee-rossouw" source="Orion">Rilee Rossouw</keyword> didn't find any team that was willing to meet his base price of Rs 2 crore. (ANI)

IPL Auction: Rovman Powell moves to Rajasthan for whopping sum, SRH breaks bank for  Travis Head

New Delhi, The Indian Premier League (<keyword id="6354312" type="General" weightage="20" keywordseo="ipl" source="Orion">IPL</keyword>) has become a decacorn as the overall combined brand value has crossed the 10 billion dollars mark. As of now, IPL's brand value stands at 10.7 billion dollars, as compared to 8.4 billion dollars in 2022, thus registering an increase by 28%. A report by brand valuation consultancy Brand Finance said the total brand value of the IPL has surged by 433 per cent since its launch in 2008. It added that the IPL's significant growth is attributed to factors including a media rights deal amounting to 6.2 billion dollars (INR 48,390 crore), an increase in the central pool of IPL revenues, the addition of two franchise teams, and the return to full stadium attendance in 2023 after the Covid-19 pandemic. It further said five-time champions Mumbai Indians have emerged as the most valuable IPL brand at 87 million dollars, followed by fellow five-time winners Chennai Super Kings (CSK), which is now the second most valuable brand with a value of 81 million dollars. Other franchises in the top five list include two-time winners <keyword id="262945" type="General" weightage="50" keywordseo="kolkata-knight" source="Orion">Kolkata Knight</keyword> Riders (KKR) and <keyword id="6354506" type="General" weightage="50" keywordseo="royal-challengers-bangalore" source="Orion">Royal Challengers Bangalore</keyword> (RCB) at 78.6 million dollars and 69.8 million dollars, respectively. IPL 2022 winners Gujarat Titans (GT) showed a huge increase in its brand value ranking with a 38 percent growth and securing the fifth position, which is a jump from the eighth-place last year. <keyword id="13023526" type="General" weightage="50" keywordseo="lucknow-super-giants" source="Orion">Lucknow Super Giants</keyword> (LSG) are at the eighth position with a brand value of 47 million dollars and is now the fastest-growing IPL brand, up by 48 percent. The report added that despite starting with a relatively lower base, LSG has made substantial strides in the valuation landscape. IPL franchises are also continuing to expand their global presence, as the franchise leagues ecosystem is estimated to have a brand value of 1 billion dollars, extending their visibility in the year. Teams like Mumbai, Delhi, Chennai, Lucknow, Sunrisers Hyderabad and Rajasthan Royals are into various franchise T20 leagues. "IPL 2023 is paving the way for a global T20 business ecosystem as more and more franchise owners will be taking their brand of cricket to newer potential markets in the Middle East, USA, Asia-Pacific. Franchise owners are now seeing a year-long commitment from players for various leagues played globally," said Ajimon Francis, Managing Director, Brand Finance India.

Not a six, IPL hits a ten as it turns into a decacorn

India Batter Shreyas <keyword id="25076" type="General" weightage="100" keywordseo="iyer" source="Orion">Iyer</keyword> is likely to miss the entire season of the Indian Premier League 2023 and World Test Championship Final against Australia at the Oval stadium in England, according to ESPNcricinfo. Iyer complained about swelling in his lower back during the fourth Test match between India and Australia in Ahmedabad and was not able to bat. He was not able to recover from this recurring back injury and at last, underwent surgery which will keep him away from the field for at least three months. According to ESPNcricinfo, Iyer will be out of the upcoming World Test Championship Final which will be played between India and Australia from June 7 at The Oval in London, England. Iyer, 28, first experienced back discomfort last December just after the conclusion of the Bangladesh tour. He missed the series against New Zealand at home and the first BGT test against Australia. Though he returned to play the second and third tests, the pain resurfaced during the final test, where he fielded for two days. He did not come out to bat during India's only innings in the match which ended in a draw. After consulting with medical professionals, Iyer was opted out of the first half of IPL. Even though the <keyword id="6354467" type="General" weightage="50" keywordseo="kolkata-knight-riders" source="Orion">Kolkata Knight Riders</keyword> had anticipated he would be back for the second half of the season, it has come to light that he has not been able to train at the National Cricket Academy in Bangalore, where he is receiving rehabilitation under the supervision of the BCCI's medical team. In the absence of Iyer, who was <keyword id="262945" type="General" weightage="50" keywordseo="kolkata-knight" source="Orion">Kolkata Knight</keyword> Riders skipper, <keyword id="1825832" type="General" weightage="50" keywordseo="nitish-rana" source="Orion">Nitish Rana</keyword> is leading the <keyword id="6354925" type="General" weightage="80" keywordseo="kolkata" source="Orion">Kolkata</keyword> side in IPL 2023.

Shreyas Iyer likely to miss entire IPL 2023, World Test Championship Final

In 2023, there has been a sharp rise in low-performing shopping malls with approximately 13.3 million square feet of <keyword id="20144408" type="General" weightage="20" keywordseo="retail-space" source="keywords">retail space</keyword> categorised as 'ghost shopping centre', a 59 per cent year-on-year surge. According to <keyword id="19895044" type="General" weightage="20" keywordseo="Knight-Frank-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Knight Frank India" meta.hostid="261" meta.entityid="Knight Frank India">Knight Frank India</keyword>'s latest report, 'Think <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> Think Retail 2024: Shopping Centre and High Street Dynamics Across 29 Cities', there has been an increase of 238 per cent year-on-year in Ghost Shopping Centre in terms of leasable area since 2022 in the prime markets. As a result of the rise in 'ghost <keyword id="21560774" type="General" weightage="20" keywordseo="shopping-centres" source="keywords">shopping centres</keyword>', Knight Frank India estimated that loss of value to be at Rs 67 billion or USD 798 million, in 2023. As per definition, ghost malls are shopping centres, typically having a high vacancy rate and low consumer footfalls. According to the report by the global property consultant, National Capital Region (NCR) accounted for the highest ghost shopping centre stock, measuring at 5.3 million sq ft (rise of 58 per cent year-on-year), followed by Mumbai with 2.1 million sq ft (rise of 86 per cent year-on-year) and Bengaluru with 2.0 million sq ft (rise of 46 per cent year-on-year). Hyderabad is the only city to record a decline in the ghost shopping centre stock by 19 per cent year-on-year to 0.9 million sq ft in 2023. The sharpest rise in ghost shopping centres was recorded in Kolkata (237 per cent year-on-year), though on a lower base. In tier 1 cities, the total number of shopping centres have reduced in a period of one year. Despite the addition of eight new retail centres, total number of shopping centres reduced to 263 in 2023 as 16 shopping centres were shut down over the last year. Underperforming shopping centres were either demolished due to reasons such as developers undertaking residential or commercial developments or were permanently closed or auctioned. The report delved into the retail real estate markets beyond the top-tier markets. This study covered 340 shopping centres and 58 high streets across 29 Indian cities, conducted through primary surveys. According to Knight Frank Research, as of 2023, India has a total shopping centre stock of 125.1 million sq ft. The top 8 Indian cities constitute 75 per cent of the total gross leasable area, at 94.3 million sq ft across 263 shopping centres while Tier 2 cities constitute 30.8 million sq ft. Of the top 8 cities, NCR (31.3 mn sq ft), Mumbai (16.3 mn sq ft) and Bengaluru (15.6 mn sq ft) were the top three cities in the pecking order of leasable area available in the shopping centres. In the report, Knight Frank has projected potential revenue of the shopping centres across 29 cities to reach USD 14 billion during 2024-25. The revenue projections for shopping centres is based on an extensive primary survey of 340 shopping centres, including the top 8 cities. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/webstories/indegene-ipo-company-details-to-risk-factors-all-you-need-to-know/slidelist/109888922.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/webstories/indegene-ipo-company-details-to-risk-factors-all-you-need-to-know/slidelist/109888922.cms" target="_blank">Indegene IPO: Company details to risk factors, all you need to know</a><a href="https://www.businessinsider.in/tech/news/worldwide-tablet-shipments-grow-in-q1-2024-after-two-years-of-decline/articleshow/109876390.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/worldwide-tablet-shipments-grow-in-q1-2024-after-two-years-of-decline/articleshow/109876390.cms" target="_blank">Worldwide tablet shipments grow in Q1 2024 after two years of decline</a><a href="https://www.businessinsider.in/tech/news/asus-zenbook-duo-review/articleshow/109875023.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/asus-zenbook-duo-review/articleshow/109875023.cms" target="_blank">Asus ZenBook Duo review – an excellent dual-screen laptop for multitaskers</a>

Ghost shopping malls surged 59% in 2023, 16 retail centres shut across top cities

New Delhi, The increase in interest rates on home loans have affected the affordability of residential properties across all eight major cities during the first six months of this year, according to Knight Frank India. On Wednesday, real estate consultant Knight Frank India released its 'Affordability Index' for the top eight cities for the first six months of 2023 calendar year. The index tracks the EMI (Equated Monthly Instalment)-to-income ratio for an average household. It indicates the proportion of income that a household requires, to fund the EMI of a housing unit in a particular city. The index showed that higher home loan rates have reduced affordability across all markets so far in 2023. Ahmedabad is the most affordable housing market amongst the top eight cities, with a ratio of 23 per cent followed by Pune and Kolkata at 26 per cent each; Bengaluru and Chennai at 28 per cent each; Delhi-NCR at 30 per cent; Hyderabad 31 per cent; and Mumbai 55 per cent. A Knight Frank Affordability index level of 40 per cent for a city implies that on an average, households in that city need to spend 40 per cent of their income to fund the EMI of housing loan for that unit. An EMI/Income ratio over 50 per cent is considered unaffordable as it is the limit beyond which banks rarely underwrite a mortgage, it said. Knight Frank noted that affordability index witnessed steady improvement from 2010 to 2021 across the eight cities of India especially during the pandemic when the RBI cut repo rates to decadal lows. "The central bank has raised the REPO rate by 250 bps since then to address growing inflation. This has impacted affordability by an average of 2.5 per cent across cities and increased the EMI load by 14.4 per cent since then," the consultant said.

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