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With the Omicron variant of Covid-19 threatening to disrupt the global economy yet again, it remains to be seen what impact it has on the Indian real estate sector. Experts believe that it is too early to determine the impact. The virus has been evolving, and the country might see another lockdown being imposed in the coming months.
According to certain experts, the variant might lead to the same trends in the real estate sector that were evident in the first two pandemic waves in India. Moreover, certain people might get back to the work-from-home module, and return to their offices after a few months. Moreover, the peripheral markets might continue to attract customers for some time in the future. Some property owners might want the third wave of the pandemic to pass out and then decide while making a property purchase.
In many countries, governments have re-imposed restrictions on travel. Even in some of the Indian cities, Omicron has already appeared. Although the panic has not invaded the real estate market yet, the players in the industry are keenly observing the trends.
In general, the belief is that a significant part of the Indian population has already been vaccinated. After the impact of the last two waves, the third wave might not be as severe as before. Neither the residential nor the commercial real estate sector is currently under threat. However, in 2022, a few months might witness disruptions in the realty sector in India.
The intensity of the probable lockdown largely determines the severity of the impact. Over the last two years, India has witnessed several types of lockdowns. Although the very first one brought the country to a standstill, the others were a bit calibrated. If this type of trend continues, the real estate industry will not face a profound impact.
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