Mall developers blink, rework rent for retailers, offer discounts

Phoenix, Inorbit, Brigade offer waiver, discounts

Top mall developers in India, such as Inorbit, Phoenix, and Brigade, are reworking their rental agreements with retailers as the two sides resolve their differences amid the reopening of malls in most cities.

Executives at these firms have told Business Standard that among the options being weighed are discounts on existing rentals, short-term deferrals, and 50 per cent waivers.

Shishir Shrivastava, managing director at Phoenix Mills, which has malls across the country, said it had worked out a three-month rent deferral programme for its tenants. “We are talking to retailers on a one-on-one basis. We are not taking the path