Green development to spearhead real estate in India

By 2030, the NITI Aayog predicts that the Indian Real Estate sector will be worth US$1 trillion, which will eventually account for 18–20 per cent of the country’s GDP. While the country is witnessing a development renaissance, the infrastructure development does tend to contribute towards ecological changes. To reduce its impact on climate change, the Indian Real Estate industry and its developers are adopting sustainable methods of construction, along with adhering to the guidelines and certifications of leading bodies, such as the Indian Green Building Council (IGBC), among others. The vision is to make it possible for people to live in sustainable and environmentally friendly surrounding, and to help India become one of the world leaders in this field by 2030. The development or re-modelling of commercial, residential, and industrial buildings to make them more energy and emission efficient is increasingly being encouraged by the Central and State Governments, and being adhered to by developers as well. Need for adopting cleaner and renewable sources of energy India’s urbanisation is accelerating. Around 31.14 per cent (377 million) of the population, lived in urban areas, according to the 2011 Census. By 2031, it is anticipated that there will be about 600 million people living in cities. Cities are the growth drivers, but they also account for more than 70 per cent of India’s emissions of greenhouse gases (GHGs). Using green construction technologies, developers in India are enabling the real estate industry in its gradual transition towards cleaner, renewable energy sources. NITI Aayog, predicts that by 2047, the residential sector’s electricity usage will have increased tenfold. India’s real estate industry will therefore be essential in solving the difficulties associated with climate change, particularly in reducing energy demand and other resource requirements in terms of electricity consumption for heating and cooling, material and land needs, and other infrastructure requirements. Sustainability coupled with higher return on investments  Certified sustainable structures are commanding rents and capital values that are significantly higher. Sustainable buildings are likely to pique the interest of occupiers due to lower operating and energy costs. As more businesses commit to net zero targets, demand for sustainable buildings will rise, with certified projects leading the way in building a future for ’tomorrow’. Globally, it has also been witnessed that certified projects increase capital values and rental yields, reflecting the investment potential of sustainably built properties. Gen Z continues to drive demand and influence sustainable realty projects There have also been changes in how people want to live and think, now they are more conscious than ever of their actions and their impact on the environment. Today, Gen Z believes that unity is a superpower and believes in coming together to create a change for the common good. 70 per cent of Gen Z, globally are involved in a social cause, that has the potential to have a more holistic impact on the society. With a more conscious pool of homebuyers, there has been a steady increase in demand for more greener homes. The green future of the real estate industry in India is an opportunity to create a sustainable future for the country. The adoption of green building practices will not only help mitigate the impact of climate change but will also offer numerous benefits to the occupants. The Government, as well as developers, have recognized the importance of green buildings and are taking steps to promote their construction. With the increasing focus on sustainability, the prospect of a greener real estate industry in India looks promising. To successfully implement the Sustainable Development Goals (SDGs), such essential components are required. Effective integration of ESG and climate data, a committed workforce focused on sustainable research and asset management that is close to the property managers, and finally, long-term dedication to a sustainable strategy is the need of the hour. We must put these concepts into practice if we want to benefit from their positive effects on the environment, as citizens and responsible developers of one of the fastest growing nations in the world. The author is the President of CREDAI National. Views are personal.  Read all the  Latest News ,  Trending News ,  Cricket News ,  Bollywood News , India News  and  Entertainment News  here. Follow us on  Facebook,  Twitter and  Instagram.