Coronavirus pandemic: Lodha Group waives retail lease rentals until operations restart
Maintenance charges will be reduced as per actual expenses during this period, the company said in a statement
With the coronavirus pandemic and subsequent lockdown affecting retail activities, Lodha Group has announced full waiver for its retail partners until the retail operations restart.
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. Maintenance charges will be reduced as per actual expenses during this period, the company said in a statement.
Adhering to the closing of premises that have large public gatherings, retailers including malls (excluding essential services) are currently in distress as government announced a strict lockdown to further contain the spread of COVID-19.
Small retailers across the country are struggling to meet payroll and facing tremendous pressure on rent payments.
While there is no clarity with respect to interest deferment or waiver to ease developer’s burden arising from this lockdown, the Group has decided to give the rental waiver during this national emergency, the company said in a statement.
“The retailers, especially SMEs, need to focus on paying their employees and taking care of their families. At this point, rent is a huge source of stress for them and we at Lodha feel that someone has to take the lead in reducing the stress from the system, which gets transmitted and amplified the longer it is left unattended,” said company spokesperson.