In the backdrop of price correction in the real estate market across the country, Nahar Group's retail venture Cotton County Retail is asking mall developers to reduce rentals.
"We are asking mall developers and property owners at high street markets to bring down the rental amount in line with the current pricing of the property in light of slowdown in demand," Cotton County Retail Vice-President Sachin Sahni told PTI here.
"As per our expectations, the rent at high street market should come down by 15-20 per cent," Sahni said.
The company has booked place in upcoming malls built by Parsvnath, Omaxe and other leading developers in Delhi, Gurgaon, Amritsar, Ludhiana and Rajasthan, he said.
"Although they (shopping mall owners) have not agreed so far (on reducing rentals), they do not have the option except reducing rent," he said.
