Lodha Group Waives Retail Lease Rentals

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 this 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.