Covid-19 Impact: Lodha Group Waives Rent For 200 Retail Stores During Lockdown
At least 200 retail partners of the developer in Maharashtra are expected to benefit.
.jpg?rect=0%2C0%2C4000%2C2250&auto=format%2Ccompress&w=200)
The Lodha Group said it has waived rent for retail stores at its properties as the lockdown to counter the coronavirus outbreak has stalled business.
“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 operations,” the Mumbai-headquartered developer said in a statement. “Maintenance charges will be reduced as per actual expenses during this period.”
Around 200 retailers in Palava City, Thane, Pune and South Mumbai will benefit from the waiver, the company said, adding that small businesses 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.”
While Lodha Group has announced it officially, many developers in the Delhi-National Capital Region are also actively considering similar relief, Pankaj Kapoor, founder and managing director at Liases Foras, told BloombergQuint.
India has so far reported more than 600 confirmed cases of Covid-19, with around 120 in Maharashtra alone—the highest. Prime Minister Narendra Modi has announced a 21-day nationwide lockdown. That came after states shut down non-essential operations in much of India to check the coronavirus outbreak.