No major impact of Omicron variant on the real estate sector: Credai

Real estate body CREDAI said on December 10 that there has been no significant impact of the new Omicron variant on India’s realty market, construction continues as planned and that new project launches will not be hampered.

CREDAI is not expecting any disruption in project construction pace and deliveries too shall go as committed unless there is a significant rise in the infections in the months to come, it said in a statement.

“Developers have learnt from the previous two waves of the pandemic and are fully prepared to manage any disruption pertaining to supply chain and labour supply to a large extent. The construction in ongoing projects is continuing as planned so that homebuyers can get possession on time.

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"New project launches too won’t be affected. However, we would urge the government to exempt real estate and construction from any future lockdowns or curfews as halting construction activity will have a severe impact on construction workers and economic recovery too,” said Harsh Vardhan Patodia, president, CREDAI.

“At our end as well, we are actively monitoring the on-ground situation with respect to the new variant and are hopeful that its impact will be much lesser than the second wave of the pandemic. We have introduced few measures to contain the spread by encouraging our member developers to leverage the power of digitization and follow rigorous COVID safety guidelines at their offices and projects,” he added.