Have waived rentals for some malls for complete lockdown period, says DLF
Reports indicate that DLF has waived off 100 percent rent for the lockdown period for one of its malls, 50 percent for the second quarter and twenty five and ten percent for the third and fourth quarters, respectively.
Reports indicate that DLF has waived off 100 percent rent for the lockdown period for one of its malls, 50 percent for the second quarter and twenty five and ten percent for the third and fourth quarters, respectively.
CNBC-TV18’s Sonia Shenoy and Latha Venkatesh spoke with Ashok Tyagi, whole-time director of DLF, to find out if this is accurate and if they will do it for others as well like CyberCity.
“These are very tough times. The retail component is about one-sixth of our total rental portfolio. We have decided to give them a complete waiver for the lockdown period which is from March end till mid-June then a calibrated rollback of the lockdown as we move forward, so the numbers that you indicated are broadly correct. There will be some individual exceptions because there are some people on pure revenue share etc,” he said.
“Broadly we decided that in this time it is important for us to support our retailers and our brands over a longer timeframe. If it means a short-term blip in one-two quarters, we as a company felt confident enough to be able to take it but ensure that our retailers are able to bounce back with full gusto,” he added.
“Broadly our partly retail rentals are in the range of Rs 125 crore a quarter. Q1 generally for the industry will be a washout quarter but by Q2 we do believe that a part of it should start bouncing back and by Q3, which is a festival time - unless there is some other sort of big force majeure, big bounce back of the virus or something not foreseen today happens – we do expect our retailers like other business segments should start coming back to near normal,” said Tyagi.
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