Mangaluru: Bantwal businessman waives shop and home rent of Rs 14 lakh

MANGALURU: A young entrepreneur from Bantwal has waived two months’ rent for all his shops and homes after he felt all his tenants would be hard pressed to pay the same due to the lockdown. Surprisingly, it’s no small amount. Iqbal Bantwal, resident of Kelaginapete, has waived rent amounting to Rs 14 lakh.
Iqbal Bantwal owns commercial complexes and supermarkets on BC Road, Bantwal, Uppala and Mangaluru. He has rented out about eight shops, 26 apartments and five independent houses, fetching Rs 7 lakh rent every month. Iqbal, 33, currently resides in Saudi Arabia with his family
“This decision was taken after my businesses in Saudi Arabia, Bahrain and Dubai received a jolt due to the pandemic. I personally understood how the situation would be of my tenants who sustain themselves on small business and daily wages. When they requested me not to demand rent, I happily agreed without thinking twice,” said Iqbal.
Iqbal had another reason that prompted him to take this decision. “Many of my tenants have been staying in houses for more than four to five years and some even nine years. Except a few, rest were prompt in paying the rent. It’s inhumane to collect rent from them in this difficult time. It is also a time to give back to society what we have received from it,” he said.
“I run a super market and have been Iqbal’s tenant for the last three years. Every month I pay Rs 60,000 as rent. The shop has been open from the past few weeks but sales are hit due as there aren’t enough stocks. In this difficult situation, Iqbal has come as a saviour by waiving two months’ rent. He refused to take the rent when I went to pay the same,” said Sanket Kumar, a tenant.