No impact of Omicron variant so far on real estate market: CREDAI

Property body CREDAI said on Friday that the new Omicron variant had so far had no impact on the property market and sales volume growth is expected to continue.

“There has been no significant impact of the new Omicron variant on the Indian property market and the growth momentum after the festive sales is expected to continue,” CREDAI said in a statement.

So far, 25 cases of Omicron variant of COVID-19 have been reported in India.

For the time being, CREDAI has stated that it does not expect any interruption in the pace of construction of the project. Project deliveries will also remain unchanged unless there is a significant increase in infections in the coming months.

Credai Chairman Harsh Vardhan Patodia said, “Developers have learned from the previous two waves of the pandemic and are fully prepared to handle any disruptions to the supply chain and labor supply to a large extent. ‘work”.

He urged the government to exempt property and construction from any future lockdowns or curfews.

“From our side as well, we are actively monitoring the situation on the ground regarding the new variant and hope that its impact will be much less than the second wave of the pandemic,” Patodia said.

The association has asked its roughly 13,000 member developers to follow rigorous COVID safety guidelines in their offices and projects. They were also advised to leverage the power of digitization.

(Only the title and image of this report may have been edited by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear reader,

Business Standard has always endeavored to provide up-to-date information and commentary on developments that matter to you and that have wider political and economic implications for the country and the world. Your constant encouragement and feedback on how to improve our offering has only strengthened our resolve and commitment to these ideals. Even in these challenging times stemming from Covid-19, we remain committed to keeping you informed and updated with credible news, authoritative opinions and incisive commentary on relevant topical issues.
However, we have a request.

As we battle the economic impact of the pandemic, we need your support even more so that we can continue to bring you more great content. Our subscription model has received an encouraging response from many of you who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of bringing you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practice the journalism we are committed to.

Support quality journalism and subscribe to Business Standard.

digital editor

Penny D. Jackson