The concept of sustainability, just like in any other industry, has been on the rise in the real estate market too. It is slowly becoming a part of India’s real estate DNA. The current development shows that, with commercial office spaces leading the trend, green buildings are more likely to have better tenants, which in turn means better rentals, longevity, and sustainability, which makes the building more attractive to finance.
Sustainable properties are required and the government is now creating advantages for companies that are increasing energy conversion, recycling and reducing natural resources. In the commercial real estate industry, the sustainability push is driven by tenants, boards, and shareholders. In residential real estate, the emphasis is on saving energy through windows and appliances that receive high energy star ratings, efficient lighting and insulation. Real estate accounts for almost 40% of the world’s energy consumption and one-third of all carbon emissions. With that kind of eco-footprint , real estate firms are at the top of climate change risks created by greenhouse gases, making them switch to sustainable practices.
The adoption of sustainable practices in real estate has been slow, but the demand is finally there to make the change. Emerging laws and regulations are also pushing the real estate industry to adopt more and more sustainable practices. Realtors, brokers, and building owners need to make sure that they don’t encourage excessive use of energy or any sort of inefficient practices. Sustainability is no longer an option but the need of the hour in order to protect the environment.
Considering the recent developments in the sustainability space and the growing need to contribute to a sustainable tomorrow, property developers have come up with variety of green practices to contribute their bit to protecting the environment. One such method is the installation of solar panels on the buildings. Sunlight being the purest source of energy contributes to generating electricity which in turn reduces the dependence on electricity generated via fossil fuels.
Some other techniques also include building eco-friendly homes, rain water harvesting, and judicious use of water in construction, conducting virtual tours, etc.
One of the key initiatives of the Indian real sector is to minimize climate change by the adoption of the Indian Green Building Council (IGBC) which is a part of the Confederation of Indian Industry (CII). Their goal is to build a more sustainable environment all across India, making them one of the global leaders in this field by 2025. It also closely works with state governments, central governments, the World Green Building Council, and bilateral and multilateral agencies in promoting green building concepts in the country. India’s commitment to reach net zero carbon emissions by 2070 under COP26 is aimed at the present, following which IGBC has also set its target to reach net zero carbon building by 2050.
India offers some of the greatest potential for investments in sustainable infrastructure. In recent years, India has taken on a greater leadership role by reducing carbon emissions, which has helped it gain recognition on a global level. In addition, green building in India has also seen a dramatic increase over the last several years and continues to remain bright. Yet there is more to be done. While meeting the needs of our growing population in a well-mannered perspective, real estate companies must hope to create a better and a healthier lifestyle.
