Omicron the new variant of COVID 19 virus, will it have any impact on the real estate sector? The first two had devastating impact, where the realty industry faced a major problems.

By Varun Singh

It’s not even months that relaxations came in After the second wave.

Already two waves have caused an irreversible damage on the economy and human lives.

With the new variant Omicron which has already reached India, the fear of another impact is being felt.

During the first two lockdowns because of coronavirus led pandemic, the realty industry had suffered a lot.

Now Omicron has touched upon the same fear for the industry.

Dr. Niranjan Hiranandani, Vice Chairman-National, NAREDCO and MD, Hiranandani group spoke extensively on Impact of Omnicron on real estate.

Hiranandani speaking on the impact of Omicron virus on the real estate sector, said the virus has been a tricky issue to deal with, and we can expect new twists and turns in the tale as we go along. “The Omicron mutation is the latest challenge for not just humankind but also for economic growth and development. Will it result in yet another lockdown; how long will it take for the pharma industry to come up with a solution – the jury’s out on these aspects, so far.”i

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“The uncertainty weighs on our minds, and business plans may need to be adjusted in sync with whatever challenges Omicron throws up. Will a booster dose of the vaccine be a proper solution or will the pharma industry offer an alternative option, and whether economic recovery will yet again, slide to a stop – the next few days should give us clarity on how things work out,” he added.

“Hopefully, we will get a solution and the economic recovery will continue with Covid-19 appropriate behaviour, and successful implementation of the vaccination process,” he concluded.

Also Read: Home-buying preferences changed post COVID

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