No impact of Omicron variant so far on property market: CREDAI

Realtors body CREDAI on Friday said that there has been no impact of the new Omicron variant on the property market so far and growth in sales volumes is likely to continue.

"There has been no significant impact of the new Omicron variant on India's realty market and the growth momentum post festive sales is expected to continue," CREDAI said in a statement.

As many as 25 cases of Omicron variant of COVID-19 have been reported so far in India.

For the time being, CREDAI said it is not expecting any disruption in project construction pace. The deliveries of projects will also remain unaffected unless there is a significant rise in the infections in the months to come.

Credai President Harsh Vardhan Patodia said: "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."

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

"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," Patodia said.

The association has asked its around 13,000 member developers to follow rigorous COVID safety guidelines at their offices and projects. They have also been advised to leverage the power of digitisation.