<ul><li>A total of 57 malls across the top eight cities in <keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword> lie largely unused. </li><li>The highest number of ghost malls are in <keyword id="66" type="General" weightage="50" keywordseo="delhi" source="Orion">Delhi</keyword> <keyword id="53426" type="General" weightage="50" keywordseo="ncr" source="Orion">NCR</keyword>, <keyword id="2094" type="General" weightage="80" keywordseo="pune" source="Orion">Pune</keyword> and <keyword id="6354552" type="General" weightage="50" keywordseo="hyderabad" source="Orion">Hyderabad</keyword>. </li><li>Apart from the ghost malls, the overall mall health has improved post pandemic with their numbers increasing from 255 in 2018 to 271 currently. </li><li>Organised retail sale volumes expected to reach $136 billion by FY28. </li></ul>A total of 57 malls, or 21% malls, across the top eight cities in India are in a dilapidated state and have resulted in a loss of over $524 million, according to <keyword id="151748" type="General" weightage="50" keywordseo="knight-frank-india" source="Orion">Knight Frank India</keyword>’s latest report ‘Think India, Think Retail 2022’. If a mall has a vacancy of more than 40%, it’s defined as a ‘ghost mall’. The highest number of ghost malls are in Delhi NCR , followed by Pune and Hyderabad. Lack of due diligence, mall shortcomings such as size and ownership patterns, design issues, faulty layouts with dark alleys, lack of customer walk flow management, low occupancy and lack of anchor tenants — have all contributed to the creation of these ghost malls. “All attempts to breathe life into these assets and attract a good retailer mix and footfalls have been unsuccessful. As a result, the revenue generation potential of such malls is far below the expected threshold,” the report said. In some cases, termination notices have been served to shut down a few large format stores which comprised an entire mall. Discontinuation of operations, demolition of shops inside the mall premises and auctioning of the mall property due to non payment of dues to the local mall authority are also underway, said the Knight Frank report. The report also has a few suggestions for utilising these ghost malls. “The vacant spaces of ghost malls can be used for thrift stores, food and clothing banks, exhibition, presentation and event spaces. <keyword id="153014" type="General" weightage="50" keywordseo="daycare" source="Orion">Daycare</keyword>, elder care, pet care and even elementary and secondary schools can be opened. Workforce training centres and human development centres for government services can also spring up in ghost malls,” said <keyword id="1417134" type="General" weightage="50" keywordseo="shishir-baijal" source="Orion">Shishir Baijal</keyword>, chairman and MD of Knight Frank India at the unveiling of the report. Leasing out empty spaces for long-term commercial use to local businesses that cannot afford high rents in prime office business parks or popular business districts can also be done, the report suggested. Demolition of the existing structure and sale of land to minimise the losses was another suggestion that was put forth. Malls witnessing growth despite rise of e-commerce The report also stated that excluding the ghost malls, the overall mall health has improved post pandemic. There were 255 malls in 2018 but it has risen to 271 now — adding over 15 million sq feet. Despite the rise of e-commerce, India’s physical stores still account for 95% of retail business, the report claimed. The retail industry will continue to account for 10% of India's GDP for the next five financial years. The organised retail sales grew at a CAGR of 24% between FY 2017- 22. The organised retail sector in India, despite taking a hit during the pandemic, is still growing. Post Covid, the recovery in operational metrics of malls has been healthy, with consumption in January-June 2022 growing 20-25% from the same period in FY2020, the report said. “With this large-scale pent-up demand, shopping centre development has seen a new rigour after being at a standstill for almost 2 years. In the next 12 months, we expect an addition of 8-9 mn sq ft of mall space.This is not just limited to the tier 1 markets. Tier 2 and 3 cities are also ready to support mid to large scale mall developments,” Rajneesh Mahajan, CEO of Inorbit Malls said. As per <keyword id="913436" type="General" weightage="50" keywordseo="knight-frank-research" source="Orion">Knight Frank Research</keyword>, organised retail sales volume is estimated to grow at a CAGR of 17%, from $52 billion in FY22 to $136 billion by FY28. New Delhi, Mumbai and Bangalore have the maximum number of malls, with Hyderabad performing the best in maximum occupancy in Grade A or premium malls. India has a total mall area spread across 92.9 mn sq ft in 271 operational malls in the top eight markets – Ahmedabad, Bengaluru, Chennai, Hyderabad, Kolkata, Mumbai, <keyword id="6371638" type="General" weightage="50" keywordseo="national-capital-region" source="Orion">National Capital Region</keyword> (NCR) and Pune. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/food-delivery-app-swiggy-partners-with-khan-academy-to-give-free-learning-courses-to-gig-workers/articleshow/94175943.cms">Food delivery app Swiggy partners with Khan Academy to give free learning courses to gig workers</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/byjus-set-to-release-fy21-financial-report-sales-may-see-significant-drop/articleshow/94174895.cms">BYJU's set to release FY21 financial report, sales may see significant drop</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/spurt-in-social-gatherings-post-covid-is-boosting-alcohol-sales-in-india/articleshow/94172508.cms">Spurt in social gatherings post-Covid is boosting alcohol sales in India</a>

India’s ghost malls have caused a loss of $524 million: Knight Frank

The stock market opened in the green on Monday with the <keyword id="2931774" type="PERSON" weightage="20" keywordseo="Nifty50">Nifty50</keyword> on the <keyword id="53581" type="COMPANY" weightage="20" keywordseo="NATIONAL-STOCK-EXCHANGE">National Stock Exchange</keyword> (NSE) reclaiming the 15,000 mark. The BSE <keyword id="6484188" type="PERSON" weightage="20" keywordseo="sensex">Sensex</keyword> too surged over 300 points during the initial trade. Healthy buying activity was witnessed in metal and oil and gas stocks. Around 9.25 a.m., Sensex was trading at 50,732.29, higher by 326.97 points or 0.65 per cent from its previous close of 50,405.32. It opened at 50,654.02 and has so far touched an intraday high of 50,767.18 and a low of 50,575.16 points. The Nifty50 on the National Stock Exchange was at 15,045.60, higher by 107.50 points or 0.72 per cent from its previous close. The top gainers on the Sensex so far were <keyword id="6354737" type="DOMAIN" weightage="20" keywordseo="ONGC">ONGC</keyword>, <keyword id="6355199" type="DOMAIN" weightage="20" keywordseo="reliance-industries">Reliance Industries</keyword> and <keyword id="6355975" type="DOMAIN" weightage="20" keywordseo="axis-bank">Axis Bank</keyword>, while the major losers were <keyword id="6359783" type="DOMAIN" weightage="20" keywordseo="bajaj-auto">Bajaj Auto</keyword>, <keyword id="6355596" type="DOMAIN" weightage="20" keywordseo="ultratech-cement">Ultratech Cement</keyword> and <keyword id="6356830" type="DOMAIN" weightage="20" keywordseo="nestle-india">Nestle India</keyword>. SEE ALSO: <a href="https://www.businessinsider.in/careers/news/check-out-all-the-hiring-opportunities-in-2021-in-india/slidelist/81343839.cms">A whole host of jobs, from government to private to foreign companies in India, are opening up ⁠— here’s a look at some of those</a> <a href="https://www.businessinsider.in/business/startups/news/these-are-the-worlds-top-food-delivery-companies-indias-zomato-and-swiggy-have-a-long-way-to-go-as-compared-to-their-global-counterparts-like-doordash-or-meituan/slidelist/81344728.cms">These are the world’s top food delivery companies – India’s Zomato and Swiggy have a long way to go as compared to their global counterparts like DoorDash or Meituan</a> <a href="https://www.businessinsider.in/stock-market/news/wipro-share-price-has-outperformed-its-peers-in-the-last-one-year-but-analysts-are-still-cautious-about-giving-it-a-buy-rating/articleshow/81345564.cms">Wipro's share price has outperformed its peers in the last year — but analysts are still cautious about giving it a 'buy' rating</a>

Sensex up 300 points, Nifty crosses 15,000 — banks, oil stocks lead

<keyword id="6358070" type="General" weightage="20" keywordseo="Mumbai" source="Orion">Mumbai</keyword> maintains its top spot in Top 100 Emerging Ecosystems' list as Indian <keyword id="6362513" type="General" weightage="20" keywordseo="Startups" source="Orion">startups</keyword> raise 12.1bn in first half of 2021. <keyword id="6354968" type="General" weightage="20" keywordseo="London" source="Orion">London</keyword> and New York are top cities globally to build a successful tech company outside of Silicon Valley Bangalore-Karnataka ranks 23rd globally while Delhi comes in at 36th in the top list London ranks highly for funding, talent, and connectedness in latest Global Startup Rankings by Startup Genome London tech firms raise record levels of investment in 2021, already more than the whole of last year London, Mumbai and <keyword id="6355033" type="General" weightage="20" keywordseo="Bangalore" source="Orion">Bangalore</keyword> have featured among the world's top <keyword id="3475004" type="General" weightage="20" keywordseo="Startup-Hubs" source="Orion">startup hubs</keyword>, according to a comprehensive ranking of international startup hubs compiled by Startup Genome for its annual Global Startup Ecosystem Report 2021. Despite Brexit and the coronavirus pandemic, London maintained its second-place ranking tied with New York for the second year in a row. Bangalore also ranked in the top 30 global tech hubs (#23 globally) and Delhi made it into the top 40 list, coming in at 36th. Mumbai maintained its first position in the Emerging Ecosystems ranking (ecosystems in earlier stages of growth that have high potential to be global performers in the future), outperforming other fast-growing ecosystems in areas of funding, performance, market research and talent. Released to coincide with London Tech Week, the largest tech event in Europe, the report ranks the leading 140 startup ecosystems based on seven success factors including Performance, Talent and Connectedness. The findings revealed that London is the most attractive destination to set up a tech startup outside of Silicon Valley, with an overall ecosystem value of 142.7bn. London has risen up the league table in the last few years, climbing from number eight in 2012 when the first rankings were released to number two in 2020. Silicon Valley held onto the top spot this year while Beijing and Boston came in fourth and fifth respectively. The research shows that Indian startups raised 12.1 billion in the first half of this year, demonstrating the rapid growth of India as a global hub for tech and innovation. As of August 2021, India has produced 24 unicorns in 2021, including 6 in just 4 days in April. The city of Bengaluru and the surrounding state of Karnataka is also the world's 4th largest technology and innovation cluster and home to more than 400+ global R&amp;D centres. Alongside Mumbai, a number of other Indian hubs made it into the Top 100 Emerging Ecosystems' list, including Chennai, Pune and Hyderabad. The findings also revealed London is one of the best cities in the world for access to funding and quality and activity in the investment ecosystem (referring to the number of local investors, investor experience and their level of activity). London has already seen record levels of VC tech investment this year, with the UK capital's tech startups receiving 13.3bn in the first seven months (January to July), more than the 10.9bn raised in the whole of 2020. London's impressive start to 2021 has been boosted by major funding rounds for Revolut (800m), Checkout.com 450m) and Hopin (400m). Bangalore's ranking was also boosted by healthy access to growth capital, demonstrated by recent large funding rounds from food delivery platform Swiggy (1.3bn), social media company ShareChat (502m) and edtech firm Byju (460m). Compared with other international tech hubs, the research found that startups in London have access to deeper pools of capital, with an average seed round of 653k, ahead of the global average of 494k. London is currently home to over 1,370 VC firms - more than any other European city, providing access to a vast network of investors and a depth of capital in the ecosystem. A number of global investment firms have also increased their presence in London recently, with Index Ventures announcing a 3.1bn fund for European start-ups in July and the news that Silicon Valley based VC Sequoia Capital had expanded its footprint in the UK capital. London is also recognised for its world class talent pool, with the city ranking highly across the board for quality and access to Tech and Life Sciences talent. With four of the world's top ten universities located in or close to London, the city is home to 484k software developers as well as a high number of Life Sciences-focused universities and degree programmes. The Mayor of London, Sadiq Khan said, London is a fantastic place to grow and scale a global tech business. We celebrate the diverse, international nature of our tech ecosystem and it is great to see our thriving start-up community being recognised in this report. London's tech sector has a pivotal role to play as we rebuild from the pandemic, and I am excited to be part of London Tech Week to discuss how our tech community can work with other start-up hubs to solve global challenges. In the face of Brexit and the global pandemic, London has demonstrated its resilience and proven itself once again to be one of the best places globally for tech innovations and start-ups. Janet Coyle, Managing Director Business Growth, London &amp; Partners said, India and London have shared strengths in technology, innovation and entrepreneurship and today's report findings demonstrate the abundance of opportunities for Indian tech companies looking to London for international expansion. For startups and high growth companies considering global expansion, London has access to high levels of funding, talent and customers all in one city. As one of the world's leading hub for innovation, there is huge opportunity for London to collaborate with other fast-growing startup hubs like Bangalore and Mumbai. JF Gauthier, Founder &amp; CEO of Startup Genome said, Entrepreneurs, policymakers, and community leaders in Asia have been working hard to build inclusive innovation ecosystems that are engines of economic growth and job creation for all. The Global Startup Ecosystem Report is the foundation of knowledge where we, as a global network, come together to identify what policies actually produce economic impact and in what context. While the US and China have long been considered the global superpowers for startups and tech, the pandemic has accelerated the democratisation of startups, and Europe is quickly cementing its position on the global stage. The report shows Europe accounts for 17% of the top 30 ecosystems this year, with London the only European city to make the top 10 list. Asian ecosystems also continue to rise in the rankings, with Tokyo (from #15 to #9), Seoul (#20 to #16), Shenzhen (#22 to #19), Bengaluru (#26 to #23), and Hangzhou (#28 to #25) moving ahead. Poppy Gustafsson, Founder and CEO at Darktrace, said, At Darktrace, we are proud to be building on the UK's rich heritage in tech and innovation. Being part of the UK's tech ecosystem affords us access to a vast network of investors, researchers and talent and has been instrumental in building a successful AI business and - in particular - advancing our leading position in Self-Learning AI. I'm thrilled to be an ambassador for London Tech Week, a fantastic opportunity not only to celebrate the UK's achievements thus far, but to drive our industry forward. The release of the latest Global Startup Ecosystem Report coincides with London Tech Week, bringing together the global tech community to address how tech can solve some of the world's most pressing challenges. Key speakers throughout the week include Hilary Clinton, former US Secretary of State, Sebastian Siemiatkowski, Co-founder &amp; CEO at Klarna, Alex Mahon, CEO at Channel 4 and Maria Raga, Founder &amp; CEO at Depop. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/defense/news/a-tata-group-company-will-make-40-airbus-c-295-transport-aircraft-out-of-the-56-ordered-by-the-indian-air-force/articleshow/86473896.cms">A Tata Group company will make 40 Airbus C-295 transport aircraft out of the 56 ordered by the Indian Air Force</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/how-good-is-indias-bad-bank-likely-to-be/articleshow/86473488.cms">OPINION: How good is a bad bank likely to be?</a>

Mumbai, Bangalore and London Named among World's top Startup Hubs

<ul><li>Pench alone has over 53 tigers living in the reserve and an additional 80 tigers (approximately) utilising the reserve.</li><li>The reserve was the muse behind Rudyard Kipling’s iconic character ‘Mowgli’ from The Jungle Book.</li><li>Somewhat of a legend, T15, also called <keyword id="4388723" type="PERSON" weightage="20" keywordseo="collarwali">Collarwali</keyword> Baghin, is a 14-year-old tigress who has happily provided Pench eight litters - in total, she has had 29 cubs, out of which 25 have survived.</li></ul>A mere glimpse of the majestic big cat is the surreal experience most wildlife enthusiasts yearn for, and <keyword id="57596" type="ORGANIZATION" weightage="20" keywordseo="Pench-Tiger-reserve">Pench Tiger Reserve</keyword> in <keyword id="6355554" type="UNKNOWN" weightage="20" keywordseo="Madhya-Pradesh">Madhya Pradesh</keyword> is undoubtedly an excellent place to start the pursuit. Boasting a healthy population of tigers, this 758 square kilometre park in the southern part of Madhya Pradesh was given the status of a national park in 1975 and was established as a tiger reserve in 1992. Named after the Pench River that cuts through the park, this national park consists of two parts -- the Priyadarshini National Park and <keyword id="10883492" type="UNKNOWN" weightage="20" keywordseo="Mowgli-Pench-Sanctuary">Mowgli Pench Sanctuary</keyword>, which covers an area of 299 square kilometres and a buffer area of 464 square kilometres. Around 257 square kilometres of this park lies in Maharashtra, which is also accessible from Madhya Pradesh. The reserve was the muse behind Rudyard Kipling’s iconic character ‘Mowgli’ from The Jungle Book. Supriya Sehgal, a Mumbai-based travel and children's book author and the co-founder of a digital marketing and production house, tells Business Insider, “I had the opportunity to spend a short but memorable time in Pench through the eyes of Pugdundee Safaris, while on a long Madhya Pradesh national parks loop. It is believed that Pench and the surrounding areas were the inspiration behind 'The Jungle Book' by Rudyard Kipling. While this piece of information alone was amply intriguing for me, naturally, spotting a tiger sprawled close to a watering hole trumped it. It was a female, eyes heavy with sleep under a leafy patch that curtailed the harsh hand of the sun, in touching distance of a natural pool — it was the perfect way to unwind — one, I would have wanted for myself, but there was more of the vast jungle to explore.” <div type="image" title="Pench-Jungle-Camp-Mottled-Wood-Owl" msid="81374528" hostid="261"></div>Madhya Pradesh is one of the few Indian states blessed with a substantial number of national parks including -- Kanha Tiger Reserve, Bandhavgarh Tiger Reserve, Panna Tiger Reserve, Pench Tiger Reserve, Satpura Tiger Reserve, Sanjay-Dubri Tiger Reserve, Madhav National Park, Vanvihar National Park, Fossil National Park and Dinosaur Fossil National Park. At Pench, apart from a robust population of big cats, wildlife enthusiasts have much more to spot, including mammals like leopards, wolves, jackals, fox, striped hyenas, sloth bears, the Indian gaur, chital, sambar deer, nilgai, dholes (Indian wild dog), macaques, chinkara, barking deer, wild boars, and swamp deer. The reserve also hosts snakes like cobras, pythons and the Indian krait and a diverse population of avian beauties like the Indian pitta, pintail duck, red wattled lapwings, owls, vultures and blue kingfishers. <div type="image" title="Pench Tiger Reserve" msid="81374325" hostid="261"></div><keyword id="10883491" type="UNKNOWN" weightage="20" keywordseo="deepika-sinha">Deepika Sinha</keyword>, a marketing and communications professional from Mumbai, has visited the Pench National Park four times now, and each time she says she falls more in love with the place. She tells Business Insider, “I have been extremely lucky to have some of my best sightings at Pench from the regal tigress to wild dogs, boars, jackals and the ever-so-shy sloth bear, which I'm told is a very unique sighting in Pench.” <div type="image" title="Pench Tiger Reserve" msid="81374334" hostid="261"></div>A 2018 government tiger status <a href="http://moef.gov.in/wp-content/uploads/2020/07/Tiger-Status-Report-2018_For-Web_compressed_compressed.pdf">report</a> estimated that India has around 3000 tigers, and Pench alone has over 53 tigers living in the reserve and an additional 80 tigers (approximately) utilising the reserve. As far as wildlife destinations in India go, Pench is among travel blogger Revati Victor’s hot favourites. She says, “It's one of the easiest to access (a 2-hour drive from Nagpur airport) and is where I have seen the most tigers... This is truly Jungle Book land, where regardless of whether you're here as a tourist to capture the famous tigress Collarwali for your Instagram or as a traveller to enjoy a quiet picnic under the watchful gaze of a pair of brown wood owls far from the crowds -- Pench has something to offer you and you will come away utterly fascinated.” <div type="image" title="The legendary Collarwalli" msid="81374415" hostid="261"></div> Somewhat of a legend, T15, also called Collarwali Baghin, is a 14-year-old tigress who saunters around the park wearing a tracking collar. She has happily provided Pench eight litters -- one litter of four cubs as recently as 2019. In <a href="https://indianexpress.com/article/india/madhya-pradesh-pench-tiger-reserve-population-5875907/">total</a>, she has had 29 cubs, out of which 25 have survived. Two famous male arch-enemies who constantly battle over territory go by the name BMW (because of the B, M and W marking on his thigh) and Sula (referencing the wine brand because of the distinctive wine-glass-shaped marking on his body). The stories the guides and jeep drivers share during these safaris can be quite intriguing, so it's best to keep your eyes and ears peeled. Best time to visit: November to February is considered the best time to visit Pench since the temperature hovers around 10° to 28° celsius, making the safari quite pleasant. With temperatures between 28° to 45° celsius, March to June is often too hot to enjoy the tour, but some still brave the weather and make the trip. July to mid-October, the Pench National Park remains closed primarily because the monsoons are usually the breeding season. <div type="image" title="Pench-Tree-Lodge-Safari" msid="81374444" hostid="261"></div>Safari zones and timings: Pench National Park has seven zones – Turia, Karmajhiri, Jamtara, Rukhad, Wolf Sanctuary, Sillari, and Khursapar. The main entry points are Jamtara, Turia and Karmajhiri. Turia is the most popular because there are several water bodies in the area, thus increasing the chances of spotting wild animals out for a drink. The park timings vary depending on the season. The morning jeep safari starts from 7:30 AM to 10:30 AM, and the evening safari starts from 3:00 PM to 5:30 PM. In the summer months (March to June), the safari timing changes to 6:30 AM to 9:30 AM and 4:00 PM to 6:30 PM. There is also a government-approved night safari in the Wolf Sanctuary from 5:30 PM to 8:30 PM; this is great for those who want to catch a glimpse of wolves as well as jackals, spotted deer, sambar deer, nilgai and various nocturnal birds. Places to stay: There are a number of good properties in the region. Sinha highly recommends <a href="https://www.tajhotels.com/en-in/taj/baghvan-pench-national-park/">Baghvan, A Taj Safari - Pench National Park</a>, for a perfect mix of the fancy and the rustic. The property has 12 cottages and each cottage consists of a room, indoor and outdoor bathroom and a machaan where, if you are brave enough, you can spend the night in. Another great option is the <a href="https://www.penchtreelodge.com/">Pench Tree Lodge</a>, a Pugdundee Safaris’ property that consists of six treehouses and six luxury cottages set amidst forty acres of wilderness. Kiplings Court is a slightly more affordable option in the region. This well-kept government-run establishment has two 6-bed dorms as well as private cottages. Plus, it has the added advantage of being only a kilometre away from the park's Turia gate. Victor suggests <a href="https://www.penchjunglecamp.com/">Pench Jungle Camp</a> where she stayed in a room modelled after a tent. She says, “It is the perfect distance from both the Khursapar gate and action-packed Turia gate.” SEE ALSO: <a href="https://www.businessinsider.in/finance/banks/news/ignore-low-cibil-score-for-street-vendor-loans-work-on-holidays-and-other-diktats-from-indian-government-to-banks-rushing-to-meet-march-target/articleshow/81223572.cms">EXCLUSIVE: Bankers may be working all 31 days of March with the government looking to double the loans doled out under the PM SVANidhi scheme</a> <a href="https://www.businessinsider.in/careers/news/check-out-all-the-hiring-opportunities-in-2021-in-india/slidelist/81343839.cms">A whole host of jobs, from government to private to foreign companies in India, are opening up ⁠— here’s a look at some of those</a> <a href="https://www.businessinsider.in/business/startups/news/these-are-the-worlds-top-food-delivery-companies-indias-zomato-and-swiggy-have-a-long-way-to-go-as-compared-to-their-global-counterparts-like-doordash-or-meituan/slidelist/81344728.cms">These are the world’s top food delivery companies – India’s Zomato and Swiggy have a long way to go as compared to their global counterparts like DoorDash or Meituan</a>

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India’s ghost malls have caused a loss of $524 million: Knight Frank

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Apart from the big cat, the Pench Tiger Reserve in Madhya Pradesh flaunts a variety of fabulous residents

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