According to the analysis by real estate developers and consultants,  Shopping mall owners' revenue declined by around 50 percent during the last fiscal as the retail sector was badly hit since the outbreak of the COVID-19 pandemic in March last year.

Average monthly rentals in shopping centers have softened by 4-5 percent across eight cities, although many malls saw rent correction of up to 25 percent, they said. Most of the mall owners, which generally leases space in their shopping malls on a revenue-sharing model with retailers having a minimum guarantee clause, gave complete rental waivers during the April-June period of 2020 because of the nationwide lockdown to control COVID.

The mall promoters offered huge discounts during the remaining nine months of the last fiscal as well, resulting in a huge dent in their overall income. "The effect of COVID on the retail sector has been well reported. The nearly six-month-long lockdown wreaked havoc on the retail segment. "Fall in revenue for entire last financial year has been about 50 percent and with the second wave, it will again be the same,"

"Fall in revenue for entire last financial year has been about 50 percent and with the second wave, it will again be the same," Pacific group Executive Director Abhishek Bansal told when giving response on the impact in FY21 and the outlook for this fiscal.

For mall owners, he said the impact of COVID during the March 2020 to March 2021 period was around 50 percent, mainly due to loss of rent, and operational costs.

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