In the most challenging phase, developers are providing a helping hand to distressed people to overcome this critical situation. As the nation is in a complete lockdown mode due to the coronavirus, all services are suspended and hitting all sectors significantly, some developers are doing their bit for the society.
Taking a cue from the average Mumbaikars who are playing the role of good samaritans by providing free food packets or free taxi/car services to others, Lodha Group, a prominent real estate developer, has decided to waive retail lease rentals.
According to Lodha, retail partners who are renting spaces in Lodha’s 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.
"During this time of predicament, we all need to come together and act responsibly to extend support in every possible manner for the betterment of the society. With the understanding the situation will affect numerous retailers, we hope that with this waiver, retailers across our developments will be able to focus on rebuilding their business effectively once the lockdown reopens, " the company's spokesperson said.
Besides, it has taken the responsibility to ensure food supply arrangements as well as medical welfare for tens thousands workers who are currently staying at their sites.
Similarly, Dosti Realty, another prominent player in Mumbai's real estate segment is taking precautionary measures for the welfare, nutritional needs and healthcare of the labourers residing at the construction sites.
Comprehending the importance of protecting labourers from getting exposed to the infection, all the necessary precautions to minimize the risks of transmission have been activated at the construction sites. Dosti Realty has extended a helping hand to the labour segment by providing food to more than 1500 labours across all its construction sites. Besides this, regular temperature check ups of labourers are is being conducted to ensure that no one is at risk.
Commenting on the initiative, Deepak Goradia- Vice Chairman and Managing Director, Dosti Realty, says, "The safety of all our employees is of paramount importance. We at Dosti Realty will do our best to ensure that we get through this challenging time together."
According to Anarock property consultants, with the construction activity almost coming to a standstill, homebuyers will have to brace themselves for a wave of delayed project deliveries. Putting further strain on several developers’ financial health
The report further revealed that as many as 15.62 lakh units across the top seven (MMR, NCR, Pune, Kolkata, Chennai, Hyderbad and Bengaluru) cities were in various stages of construction as on 2019 end. Of which the MMR currently has the highest under-construction stock with nearly 4.65 lakh units – 30 per cent of the overall under-construction stock across the top seven cities.
