Shopping center owners have suffered losses of around Rs 3,000 crore in the ongoing second wave of the COVID-19 pandemic over the past eight weeks due to closures and restrictions imposed by various states across the country, according to Association of Shopping Centers of India (SCAI) President Mukesh Kumar.
âIn terms of numbers, I can say that the loss of Rs 3,000 crore is for shopping malls and around Rs 25,000 crore for retail across all categories,â Kumar said at a panel discussion on virtual media.
He added that in general, around 12 to 15 percent of total shopping center turnover “comes from the retail sector.”
Mall owners have urged state governments to allow operations to start with immediate effect and provide customers with a controlled and safe shopping experience.
âLast year, when the lockdown was imposed, RBI announced a moratorium. This time, two months have passed without operations and there could be a number of NPAs if a moratorium is not announced in the coming months, âsaid SCAI director Abhishek Bansal.
SCAI also called for other relief measures, including a deferral of payment to power companies and an extension of the renewal of existing permits and licenses.
SCAI Director Pushpa Bector pointed out that shopping centers under development could experience a delay of four to six months due to various factors such as labor shortage and material supply constraints. raw.
âThere will be a new phase of consolidation, during which we will see the largest retail real estate companies consolidate their assets. I believe the industry would be mature and there could be new announcements of new shopping centers in the third or fourth quarter of the fiscal year, âshe added.