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Businesses struggle to stay afloat in Ludhiana as pressure for rent mounts
DRIVEN TO THE EDGE Several traders on Malhar Road bring down shutters after failed negotiations with their landlords
Already reeling under losses due to the coronavirus-induced lockdown, it’s a double whammy for the city’s business owners who are at loggerheads with their landlords over the payment of rent.
Reports have been pouring in about several traders on Malhar Road bringing down the shutters after failed negotiations with their landlords.
Malhar road shopkeepers’ welfare association president Paramjit Singh said, “The rent for properties on Malhar road ranges from Rs 1 to 3 lakh a month. Most shops have remained closed for the past two-and-a-half months. Amid constant pressure from landlords over rent, many see no option but to move out.”
While stating that it’s no one’s fault, as many landlords are dependent on the rentals for income, the traders say it’s better to reach at a mutual understanding as finding a new tenant would anyways be difficult for the property owners at this time.
An eatery owner on Malhar road, requesting anonymity, said, “We used to pay Rs 2 lakh a month to the landlord. But due to the lockdown, there has been no business for the last two months and I don’t see the situation improving anytime soon. If my landlord remains adamant on the rent, I will have to shut my business.”
Ghumar Mandi shopkeepers association president Pawan Batra says, “This problem is being faced by everyone. A few commercial property owners and their tenants have brought up this issue with us. We are trying to make both parties reach a compromise.”
Chaura Bazar shopkeepers association president Parampal Singh Witty said, “Both the landlords and their tenants are in a dilemma over the issue. Some of them have settled the issue amicably as the tenants also do not want to leave the place of business.”
