The central government's decision to liberalise the COVID-19 vaccination drive may be a relief for the real estate and infrastructure companies who are again facing woes of the mass departure of migrant labourers amid the second wave of the pandemic.
Many states have announced stricter restrictions and local lockdowns amid a sharp surge in COIVD-19 cases across the country. India reported 259,170 new COVID-19 cases in the last 24 hours taking the total number of cases to 1,53,21,089.
Cities like Mumbai and Delhi, where a majority of the migrants are working, have seen a slowing-down of the construction and sales activities across the entire real estate sector on the account of the resurgence in the COVID-19 cases.
On Monday, the central government announced liberalised and accelerated Phase 3 strategy of COVID-19 vaccination from May 1. As per the strategy, everyone above the age of 18 will be eligible to get the vaccine from May 1.
COVID-19 vaccination: All above 18 eligible for vaccine from May 1, says Centre
Real estate developers welcomed the government's move expecting it to boost the construction activities and address the issue of reverse migration of labourers to some extent.
“It will boost the construction activities as it will help the labourers to get vaccinated at the earliest. We hope that the vaccination drive will be expedited further, mitigating the risk factor. We had requested the government to allow the vaccination drive for labourers between the age-group of 20-45 years as most of the labourers fall in that age category. It will also address the issue of reverse migration as after vaccination, the labourers will feel themselves safe," said Ashok Mohanani - president, NAREDCO Maharashtra.
The real estate sector is one of the country's largest employment generators and also one of the largest GDP contributors. The sector has been hit hard by the COVID-19 pandemic.
However, lately, housing sales have picked up driven by bottomed-out property prices, stamp duty cuts by certain states, developer discounts and lowest-best home loan rates.
Lindsay Bernard Rodrigues, co-founder and director, Bennet & Bernard Group, believes that the government's decision to open vaccination for all people above 18 years will go a long way in ensuring a safe and secure working environment.
"This will enable developers to vaccinate construction workers and will also help in enhancing their confidence, especially considering other strict safety measures and amenities undertaken at the sites," Rodrigues said.
