Each day as we tune into the news, we are riddled with news articles about increasing temperatures, climate change, floods and freak storms, pollution levels, and carbon emissions. These are indicators of a fundamental change that the planet is going through, a change which can be catastrophic to our existence and survival. The only way to combat this massive transformation is by remaining steadfast in our commitment to Agenda 21 and going green. The very first step to doing this is by transitioning to sustainable real estate development.
According to recent studies, over a third of the greenhouse gas emissions of the world are attributed to building and construction work. The constructed world is an energy guzzler and consumes nearly 40% of all energy used by the world. Sustainable real estate development is the key to living a clean, green life in harmony with resources that will enable future generations to continue enjoying the beauty and bounty of the planet. With incentives and encouragement from the central and state governments, some of the top developers in India have started adopting sustainable practices. As a result, investment in sustainable, green real estate has started to take off. Let us take a look at some of the top benefits of sustainable real estate development before we understand the growing demand for green housing in the country.
Benefits of sustainable real estate development
- The benefit to the environment – According to Forbes magazine, about 40% of the world's carbon dioxide emissions come from real estate development. Construction work contributes to a third of these emissions, and building operations and maintenance contribute to the rest. Adopting sustainable real estate development involves being environment-conscious and conserving resources at every stage – planning and design, sourcing ergonomic materials, building processes, use of renewable energy in construction, and being innovative in the approach to building maintenance. Not only does this help cut down carbon emissions, but it also helps build renewable energy capabilities that can later be used to power the building. The benefits that sustainable real estate brings to the environment are boundless.
- Benefit to Developers - Government regulations and industry benchmarks are also evolving with increased global awareness about environmental concerns and sustainability. Developers and builders need to recognise this change and adapt. Apart from this, there are some real benefits that sustainable real estate brings developers. Green operational practices reflect the organisation's commitment to the community and help build a niche, a speciality. From earning stakeholder trust to attracting government subsidies, green construction practices bring the developer considerable brand awareness and financial gains.
- Benefit to homeowners – Green housing projects bring a host of benefits to the residents. The materials are non-toxic and make for a better lifestyle. The use of energy conservation systems and natural ventilation offers much lower energy bills and better indoor air quality. Sustainable buildings consume up to 30% less energy and 50% less water than others. In the long run, the savings add up to much more than the slightly increased pricing of these units. Most green buildings are equipped with rainwater harvesting, waste management, and composting systems. The lifestyle benefits and the decreased medical bills are all part of the extensive advantages that residents enjoy. Complementing green homes with an eco-friendly and healthy lifestyle, taking responsibility for the environment, and doing our bit to reduce carbon emissions and ensure sustainability will take us a long way.
Increasing demand for green housing
The demand for green housing in India is on a steady upward curve. With more people realising the benefits of living in eco-friendly projects, sustainable living has gone from being a trend to being one of the top priorities of home buyers in the country, particularly in cities like Mumbai and Delhi. As of 2021, the market for green real estate was valued at USD 21 billion, making India one of the largest in the world.
Being the most populous country in the world, it is not easy for us to achieve our sustainability targets, but a firm commitment on the part of the administration, the real estate sector and its key players and homebuyers will keep India on track.
Just what India needs
Green, sustainable housing is just what India needs. Some of the major metropolitan areas of our country are ranked among the most polluted cities worldwide. Only by reclaiming the focus on greenery, ecological living, and sustainability can we balance a burgeoning population with adequate resources for all. While there is a lot of debate about the future of sustainable living, it is time to acknowledge that our survival depends on green practices. The evolution of technology and innovation can be the tools we use in this endeavour. Green, sustainable real estate is just what India needs.
