The residential realty sector is witnessing a K-shaped recovery, said ratings agency ICRA. As per an ICRA analysis, large listed players are recovering at a much better pace than smaller, unorganised players.

The smaller-sized real estate companies' woes will "weigh heavily" on the sector as a whole, domestic rating agency ICRA said in its report, adding such players hold an 80 percent market share. The agency said the top-10 listed companies witnessed a 61 percent growth in the December quarter, even as the broader market remained 24 percent below the pre-COVID levels.

 In terms of launches as well, the market share of large developers has increased from 11 percent in FY20 to22 percent in the first nine months of FY21, it said, adding larger developers have been benefitting from demand consolidation and better credit availability. "Home-buyers had been leaning towards developers with an established track record of on-time and quality project completion even prior to the onset of the pandemic.

This had resulted in inlarge, listed players reporting healthy sales and collections in recent years, despite the prevailing liquidity crisis and unfavourable supply-demand dynamics," Shubham Jain, senior vice president at the agency, said. For the broader market, COVID-19 triggered one of the worst demand crashes in recorded history, with housing sales volumes witnessing a Y decline of 62 percent during Q1FY21 across the top eight cities of the country, which came down to 24 percent by Q3.

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