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IT firms, banks let go of prime real estate in bid to cut fixed costs

India city Mumbai covid-19 pandemic crisis
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Firms are deferring new leases and renegotiating leasing contracts, while working on plans to let more staff work at home A growing number of software and financial services companies are vacating their rented offices or renegotiating their leases as the covid-19 crisis forces them to cut costs and rework expansion plans.

Housing Development Finance Corp. Ltd (HDFC), India’s top mortgage lender, has asked regional managers to renegotiate rental contracts with their respective landlords, said a person familiar with the matter, requesting anonymity.

Separately, IndusInd Bank Ltd decided last week to give up one of its leased office spaces in a prominent commercial building in central Mumbai, said an official at the private lender, also

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