Each day as we tune into the news, open our newspapers, watch TV, or scroll through our smartphones, we face climate change predictions ranging from grim to downright scary. The writing is on the wall. We are on the precipice of momentous change, and unless we attune human endeavours to become more eco-friendly or sustainable, we may find ourselves struggling over survival. The importance of sustainability is emphasised by many countries' commitment to Agenda 21, and India’s approach to translating these lofty goals into action goes down to the grassroots level.
One of the critical ways our country is reaffirming its adherence to sustainable development is by adopting a slow but steady shift to green housing. Let us take a closer look at this trend and understand its importance.
What is green housing?
Real estate and construction work are greatly responsible for carbon emissions and the generation of greenhouse gases. In fact, according to recent studies, nearly 40% of global carbon emissions are driven by real estate. Of this, about 11% is attributed to the production of building and construction materials, and much of the rest goes towards powering these structures.
Green housing is a shift to construction practices that considerably lower this carbon and toxic burden placed on the planet. It refers to adopting practices including using ergonomic materials, using renewable energy for construction and powering these homes, installing water recycling and waste management systems, and optimising energy efficiency.
Simply put, green housing refers to residential projects that are designed, built, and maintained as energy-efficient and eco-friendly. Climate consciousness is built into every stage of the construction food chain - from ideation to implementation.
Demand for green housing in India
The real estate sector is experiencing a resurgence after the setback of the COVID-19 pandemic. But having gone through a major global event, the needs of homeowners have also undergone a tremendous transformation. Over the past five years, the number of buildings in India gaining green certification has risen by over 37%. With more and more consumers becoming aware of the benefits of living in green housing projects, the country is set to witness a marked uptick in demand for eco-friendly projects.
What does the end consumer want?
One of the major concerns that most people have concerning green housing is the high initial cost. Procuring materials and designing and constructing green buildings may increase real estate prices. When we start to look closer, we find that the advantages far outweigh these concerns. Eco-friendly buildings save up to 30% of the residents' energy expenditure and about 50% of the water consumption. These savings on utilities, along with higher resale value and greater asset appreciation, more than makeup for the cost of acquiring such apartments or flats. The health benefits coming from the use of non-toxic materials, optimal use of natural light and ventilation, and weather-resistant buildings are another great advantage that the average homebuyer wants.
By incentivising green building practices and using renewable energy in real estate and construction, the central and state governments are also part of the transformation. From subsidising the use of solar energy units to offering tax rebates on producing eco-friendly materials, from offering property tax discounts on green buildings to encouraging recycling, most state administrations are promoting green housing. Homeowners, particularly in large cities like Mumbai, are eager to take advantage of these and buy properties in green buildings.
Real estate development and green housing
The real estate sector is the second largest employment generator in the Indian economy. According to recent reports, the Indian real estate market is likely to reach USD 1 trillion by 2030. With such tremendous growth comes great responsibility. Some of the top developers of major cities like Mumbai, Delhi, Bengaluru, Hyderabad, and Chennai are now building green practices into their vision, mission, and operations. This is the way forward, and soon we shall see industry benchmarks and standards aligning with green construction principles. Decarbonisation targets will soon be part of the self-regulation practices that the Indian real estate sector adopts.
Partnering with Blox
Blox is a revolutionary online platform committed to making the home-buying experience seamless and effortless. Part of this consumer-centric approach is partnering with top developers who have adopted green practices and remain committed to environmental sustainability. Blox features several verified listings from developers in Mumbai and the suburbs. You can search for green buildings and projects by name, developer name, or locality and complete your home-buying journey in just seven clicks.
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