Coronavirus crisis : Lodha Group waives retail lease rentals

March 30, 2020

MUMBAI: Realty developer Lodha Group has offered full waiver for its retail partners as COVID-19 crisis continues to deepen in India. Retail partners, who are renting spaces in Lodha’s retail properties are exempted from paying rent since March 15, until the government permits reopening of retail operations.

While several mall owners and developers across the country are currently discussing lease rental adjustments with retailers, Lodha is the first one to announce such a waiver.

Maintenance charges will be reduced as per actual expenses during this period, the company said in a release.

Lodha Group has over 200 retailers in its stores across various locations including Palava City, Thane, Pune and South Mumbai, who will benefit from this waiver

Adhering to the closing of premises that have large public gatherings, retailers including malls--excluding essential services--are currently in distress as government announces a strict lockdown to further contain the spread of COVID-19. Retailers across the country are struggling to meet payroll and rent payment obligations.

While there is no clarity with respect to interest deferment or waiver to ease developer’s burden arising from this lock down, the group has decided to give the rental waiver during this national emergency, the company said.

Source - Economic Times