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There are cheaper options. I wonder why have such a huge place in Mumbai when all you will do is sleep few nights
The brokers themselves are saying rent prices have shot up in the last 2 months.

Omicron is said to have been detected in international passengers in Mumbai. In Karnataka some patients are untraceable as they gave false addresses abd switched off their phones (Source TOI)

I spoke to my partner and got my WFH extended. You should probably too.
Cyril cutie sent an email the day Omnicron variant was named by WHO - saying Omnicron or not, work from office is mandatory (so much for 'dynamic and flexible wfh policy!).

They're also 'monitoring the situation' - like they did in March and opened up offices right at the start of the second wave!!
There will be a lockdown soon.

Firms will have to shut Offices.

Why waste money?
I doubt there would be a full and complete lockdown again. That said, try negotiating with your landlord for an early termination of lease. Also, speak with your office if they permit WFH in light of the new variant. Such horrible times :(
Don't. It's too big an investment. Find some temporary Lodging till then. Like a good PG or something.
Should I book a flat in Bombay at this moment? Rent is 1.2L for a 3 BHK unfurnished apartment. Then the security deposit is 3 months' rent. And brokerage - 1 month's rent.

Is it worth it? Should we book the flat, considering how it is a tricky time to actually book anything due to the impending scare of the new covid variant. What if everything closes and you have to go back.

Please suggest.