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As the real estate market witnessed the impact of the second wave of Covid, large developers continued to gain market share and are likely to account for larger share of new launches going ahead, according to a report by ICICI Securities.

In FY21, the struggles for the unlisted residential developers have increased as they are highly leveraged, it said.

"Hence, larger, organised tier developers continue to gain market share and are expected to account for larger share of new launches going forward. This theme has already played out in the office/retail segment over the last decade with just 8-9 large pan India annuity asset developers," the report said.

It said that quality malls will continue to attract footfalls and consumption once Covid impact wanes.

Footfalls and consumption saw a continuous uptick with consumption returning to 50-60 per cent of pre-Covid levels during the festive season between October-December 2020 and ramping up to over 75 per cent of pre-Covid levels by February 2021.

"While a rise in Covid cases has led to a fresh round of mall shutdowns across India from April 2021 onwards, we expect consumption to come back whenever the Covid impact wanes and remain believers in the Indian mall story," it said.