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realtymantra · 11-04-09

Retailers shut shop at DLF South Delhi malls

April 11, 2009: Retailers at DLF’s newly opened two malls in South Delhi have reportedly downed their shutters indefinitely accusing the real estate developer of breach of agreement over waiver of rentals, while demanding lowering of the same.

“As per an agreement, we were to be exempted from paying rentals for the first month after the opening of the malls and for the next four months we were supposed to get a 50 cent rentals waiver. But DLF is now asking us to pay full rentals,” said Tarun Manglani, president, Mall Welfare Association.

DLF had opened its mall at Saket in November 2008, while the other at Vasant Kunj was inaugurated in January.

“What we are asking is for full rental waiver till the malls are occupied up to 80 per cent level and movie halls are opened there. Otherwise we will close our shops indefinitely,” Manglani said, adding they have closed shops since April 7.

Manglani said the mall at Vasant Kunj has a total of 300 stores out of which only 25 are occupied now, while the Saket mall has about 120 shops of which 45 are occupied. “Once the malls are occupied 80 per cent, then only we will pay 50 per cent of the total rentals,” said Manglani.

11-04-09
realtymantra New Member Join Date: Mar 2008 Posts: 7	Retailers shut shop at DLF South Delhi malls Retailers shut shop at DLF South Delhi malls April 11, 2009: Retailers at DLF’s newly opened two malls in South Delhi have reportedly downed their shutters indefinitely accusing the real estate developer of breach of agreement over waiver of rentals, while demanding lowering of the same. “As per an agreement, we were to be exempted from paying rentals for the first month after the opening of the malls and for the next four months we were supposed to get a 50 cent rentals waiver. But DLF is now asking us to pay full rentals,” said Tarun Manglani, president, Mall Welfare Association. DLF had opened its mall at Saket in November 2008, while the other at Vasant Kunj was inaugurated in January. “What we are asking is for full rental waiver till the malls are occupied up to 80 per cent level and movie halls are opened there. Otherwise we will close our shops indefinitely,” Manglani said, adding they have closed shops since April 7. Manglani said the mall at Vasant Kunj has a total of 300 stores out of which only 25 are occupied now, while the Saket mall has about 120 shops of which 45 are occupied. “Once the malls are occupied 80 per cent, then only we will pay 50 per cent of the total rentals,” said Manglani.