City-based realty player Lodha Group on Thursday said it has decided to allow rent waiver for its retail partners after the government announced the 21-day lockdown in wake of the COVID-19 pandemic.
"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.
The company has over 200 retailers in its stores across various locations including Palava City, Thane, Pune and south Mumbai area.
The group is also expecting clarity with respect to interest deferment or waiver to ease developers' burden arising from this lock down.
The retailers, especially small and medium-sized enterprises (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 we need to take a lead in reducing the stress from the system, which gets transmitted and amplified the longer it is left unattended," a company spokesperson said.
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