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Retailers shut shop at DLF South Delhi malls

Comments Off on Retailers shut shop at DLF South Delhi malls   |   April 10, 2009    12:34pm   |Contributed by Indian Realty News

Retailers at DLF Ltd’s newly opened two malls in South Delhi have 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,” Mall Welfare Association President Tarun Manglani told reporters here.

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.

DLF Retail Developers, Managing Director Arvind Nair said in a statement: “We would expect our retail partners to move along with us in a collaborative manner and look forward to achieve great success with our joint efforts.”

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,” he said.

News Published Under:   Delhi, Real Estate India | Comments Off on Retailers shut shop at DLF South Delhi malls