COVID-19: Shopping mall owners income dips around 50 pc in FY21 on rental waiver
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Last Updated: May 10, 2021, 09:19 PM IST
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Most of the mall owners, which generally leases space in their shopping malls on a revenue-sharing model with retailers having a minimum guarantee clause, gave complete rental waiver during the April-June period of 2020 because of the nationwide lockdown to control COVID.
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Average monthly rentals in shopping centres have softened by 4-5 per cent across eight cities, although many malls saw rent correction of up to 25 per cent, they said.
Shopping mall owners revenue declined by around 50 per cent during the last fiscal as the retail sector was badly hit since the outbreak of the COVID-19 pandemic in March last year, according to real estate developers and consultants. Average monthly rentals in shopping centres have softened by 4-5 per cent across eight cities, although many malls saw rent correction of up to 25 per cent,
COVID-19 impact: Shopping mall owners revenue fell nearly 50% in FY21
Average monthly rentals in shopping centres have softened by 4-5 per cent across eight cities, although many malls saw rent correction of up to 25 per cent, according to real estate developers and consultants
PTI | May 10, 2021 | Updated 22:27 IST
The mall promoters offered huge discounts during the remaining nine months of the last fiscal as well, resulting in a huge dent in their overall income
Shopping mall owners revenue declined by around 50 per cent during the last fiscal as the retail sector was badly hit since the outbreak of the COVID-19 pandemic in March last year, according to real estate developers and consultants. Average monthly rentals in shopping centres have softened by 4-5 per cent across eight cities, although many malls saw rent correction of up to 25 per cent, they said.
High-street rentals still suffering in key markets
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The study said the iconic retail hub in Delhi – Khan Market – saw average monthly rentals reduce by 8% to 17% in Q1 2021 against Q1 2020. Likewise, high street markets of Kala Ghoda, Bandra Linking Road and Fort in Mumbai also saw high street retail rentals decline anywhere between 5% to 10% during the same period.
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Retail sector has been one of the worst affected due to the pandemic since early 2020.
The coronavirus pandemic continues to hit India s retail property hard, with average monthly rentals across the top key high street markets in major cities witnessing a correction, as per a report by Anarock retail.
India s high street retail rentals decline amid Covid crisis
By IANS |
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Khan Market. (File Photo: Bidesh Manna/IANS) Image Source: IANS News
Kolkata: People stand in a queue at a liquor store, due to partial lockdown starting from tomorrow. Only essential commodities and medicine shops are open, and other shop and market places are open from 7am to10am & 3pm to 5pm ,in Kolkata. (Photo: K Image Source: IANS News
Mumbai, May 3 : With Covid-19 wreaking havoc in the country, average monthly rentals across the key high street markets in top cities witnessed some corrections, according to data from Anarock Research.