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The Indian commercial real estate retail market experienced slow growth in recent months, especially when looking at malls. According to The Economic Times, many mall owners have lowered rental prices by up to 30 percent in order to improve the situation.
In addition to cutting rents, other property managers have rid their leases of minimum guarantees, or have looked to giving free rent for the first few months of a lease, the news source explained. All of this was in reaction to the 10 percent decline in growth in the retail market due to a lack of shopper activity.
"There was a time when retailers sealed leases for seven years but now they are looking at a band of six to twelve months," Susil Dungarwal, chief mall mechanic at mall consultancy firm Beyond Squarefeet Advisory, told the news source. "If things do not improve in the next two quarters we will see another correction , something similar to 2008."
The lack of confidence in the market stemmed from the recession, when a revenue-sharing plan was created by many mall developers in hopes of an improved situation, the news source added.
