Achieving Net Zero in Indian Real Estate
Green buildings are gaining traction in India, gradually transforming the real estate landscape. According to a CBRE report, the supply of green buildings has surged by 37% over the past five years, indicating a growing trend towards sustainability.
While currently comprising only 5% of the total real estate supply, the demand for green-certified buildings is on the rise.
Cost Optimisation and Environmental Benefits
Increasingly, Indians are recognising the long-term benefits of environmentally friendly construction and are willing to bear the initial costs.
Although green buildings may require higher upfront investments, they lead to significant cost savings in the mid to long run. With potential reductions of 20–30% in electricity bills and 30–50% in water supply costs, the return on investment can be achieved within 5-7 years.
Enhancing Inhabitants' Well-being and Marketability
Apart from economic advantages, green buildings ensure the well-being and health of their occupants, making them more attractive to homebuyers and investors alike. Consequently, developers and buyers are increasingly showing interest in such sustainable projects.
Real Estate's Role in Achieving a Net Zero Pathway
India's ambitious goal of achieving a net-zero pathway by 2050 heavily relies on the real estate sector's involvement. By transitioning from fossil fuels to renewable energy sources like solar and wind power, the Indian real estate industry can significantly reduce its carbon footprint.
The adoption of sustainable techniques such as green rooftops, natural ventilation, waste treatment, and rainwater harvesting ensures the overall health and wellness of inhabitants while also preserving water resources.
Positive Impact on the Environment and Communities
The use of recycled materials and non-toxic substances in green buildings contributes to environmental safety and fosters better communities. These positive impacts extend beyond the buildings themselves, influencing the overall ecological balance.
Government Support and Policies
Recognising the importance of sustainability, both the central and state governments have introduced favourable policies to encourage the adoption of green buildings and sustainable technologies. Tax incentives, subsidies, and low-interest loans are being offered to incentivise developers and investors to embrace eco-friendly practices.
A Necessity for India's Rapid Urbanisation
With India experiencing rapid urbanisation and an ever-growing middle class, the significance of green buildings becomes even more pronounced. Embracing sustainable and resilient technologies across the entire value chain is crucial to ensuring a better future for the country.
As India embraces the green building revolution, the real estate sector is poised to become a key player in the country's journey towards sustainability. With growing awareness, government support, and environmental benefits, green buildings are set to shape the future of India's real estate landscape, fostering a greener and more prosperous nation for generations to come.
Source: Financial Express