Lodha Group waives retail lease rentals
March 26, 2020 | By
Lodha Group, India’s largest real estate developer announces 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. Maintenance charges will be reduced as per actual expenses during
his period.
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. With small retailers all over the country struggling to meet
payroll and facing tremendous pressure of rent payments, realty major Lodha, has taken proactive
and conscious measure to alleviate the stress by supporting their retail partners in such difficult
times. 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 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
“During this time of predicament, we all need to come together and act responsibly to extend
support in every possible manner for the betterment of the society. With the understanding the
situation will affect numerous retailers, we hope that with this waiver, retailers across our
developments will be able to focus on rebuilding their business effectively once the lockdown
reopens.” added company spokesperson.
Lodha Group has over 200 retailers in its stores across various locations - Palava City, Thane, Pune
and South Mumbai area, who will benefit from this waiver.
About Lodha:
Lodha Group is India’s largest residential real estate developer by sales and construction area. The
company has clocked net new sales of over INR 7000 crores in FY 18-19 with collections of over INR
9000 crores. Lodha Group delivered over 10,000 offices & homes in FY 18-19, which is estimated to
be the largest delivery of multi-storied developments by any company in the world (ex-China).