Shopping malls in Maharashtra on Tuesday decided to close down operations, after the government modified guidelines mandating them to operate with fully-vaccinated staff.
Mall owners have incurred a loss of around Rs 3,000 crore during the ongoing second wave of the COVID-19 pandemic over the last eight weeks due to lockdowns and restrictions imposed by various states across the country. In the wake of the second pandemic wave, around 25 per cent of the business of the retail side across categories has been lost and this is going to impact the mall owners as well, according to Shopping Centres Association of India (SCAI) Chairman Mukesh Kumar. However, mall owners would go ahead and complete their under-construction projects as they anticipate demands for commercial and office space once the pandemic recedes, the SCAI said.
The analyst said since servicing of principal and interest on loans will beome challenging for mall operatos in the next couple of months.
Among the options being weighed are discounts on existing rentals, short-term deferrals, and 50 per cent waivers.
Groceries, apparel, computers, phones and sporting accessories are among the most popular. There is also a growing trend of men visiting the store, rather than women.
The present tax revenue of the state is Rs 120,000 crore.
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