Builder waives retail lease rentals because of lockdown

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Builder has waived off rental of retail outlets because of the lockdown. Lockdown has caused retail outlets to shut thus facing a tough time and hence rentals were waived off by the builder.

By Varun Singh

Builder has waived off rentals for close to 200 retail outlets located on his property. This decision was taken by the builder because of the lockdown.

Lodha Group is the builder that has announced to waive of the retail lease rentals.

Lodha builder has over 200 retailers in its stores across various locations – Palava City, Thane, Pune and South Mumbai area.

The builder has decided to give the rental waiver during the national emergency. Earlier this week PM in his address to the nation announced a complete lockdown for the entire nation for 21-days.

“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.

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FM N Sitharaman announced that Workers’ welfare fund of Rs 31,000 crore to be utilised for construction workers. FM said, “We plan to direct state governments to help 3.5 crore construction workers to this end.”

Builder community claims that this move will help the construction workers across. “Real estate sector is going through a slowdown already, with construction sites shut due to lockdown, announcement by the Union government. This move will ease the hardship of construction workers in these trying times of Covid19. Real-Estate sector thanks FM for this initiative,” said Manju Yagnik, Vice Chairperson, Nahar Group and Vice President, NAREDCO (Maharashtra).

Meanwhile developers are also taking steps to ensure help for construction workers.

“We are also ensuring that our construction workers are provided with basic amenities to be able to cope up with the ongoing situation. With this positive step, the industry eagerly awaits the economic stimulus required for our revival. We stand in solidarity with the government as a socially responsible organization.” Satish Magar, President, CREDAI National.

Till a few days ago, the developer body CREDAI-MCHI had also sought that EMIs should be deferred.

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