Realty Developers’ Body CREDAI Says No Impact of Omicron Variant on Business So Far

Realty developers’ apex body, CREDAI has stated that there has been no significant impact of the new Omicron variant on India’s property market and the growth momentum post festive sales is expected to continue.

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

“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. New project launches too won’t be affected,” said Harsh Vardhan Patodia, President, CREDAI.

The developers’ body has urged 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.

“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.

CREDAI has introduced few measures to contain the spread by encouraging its member developers to leverage the power of digitization and follow rigorous COVID safety guidelines at their offices and projects. Ends

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Source: economictimes.indiatimes.com