Dear Owners,
As we are all aware, we are in the middle of an unprecedented crisis posed to us by the deadly Covid-19. The government has rightly imposed lockdown in the country to keep all of us safe. The Covid-19 pandemic is expected to continue to impact our lives for the foreseeable future. Even if the lockdown is rescinded, it will take a long time for us to get back to our normal lives.
Unfortunately, under these circumstances, the global economy is also suffering big time. In order to be sustainable and to be best prepared to serve you post Covid-19, we need to be financially responsible and sensitive. We are reviewing all business goals, objectives, and processes in order to find ways to remain in the business.
With our operations, completely standstill since 20th march due to lockdown, there is huge stress in the business. Our properties are 75% empty as tenants ( mostly IT engineers ) have gone back to their hometowns. We are continuously getting their requests for reducing the rent as they are not using our facilities since April and will be working from their homes till end of July. Their salaries are on hold /reduced / bonus part taken off etc.
As a result of this and to manage company from various aspects during this economically challenging time, we are forced to seek your financial help in the form of reduced rents ranging between 25% to 100%. The proposed percentages** are as defined below :
| %age Occupancy of the Property | %age Reduction in Rent |
| Occupied | 25% |
| Partially Occupied | 50% |
| Vacant | 100% |
*up to Jul 2020 **Subjected to Owner’s consent
This was an extremely tough decision, and we understand the impact this will have on you. However, please know that we considered several other alternatives, and the choice we made is the best option at this time and will have the least impact on our customers overall.
We will continue to monitor the situation and will reverse this decision as soon as the circumstances allow us to.
We appreciate and thank you for all your support as we all strive for continued services in the best possible manner. Should you have any questions, please do not hesitate to write .or speak to us.
Sincerely,
Vijay Mahendru
Founder & CEO
