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Curating sustainable real-estate, for the future
For the longest time, real estate was viewed largely as the cornerstone of capital investment and an aspirational asset. Slowly but gradually, the intent has ‘progressed’ to a more sustainability-minded approach with the endeavour to build edifices that are good on the environment and future generations. The viability of leading a more mindful, conscience-driven lifestyle has been an important factor in advancing this transformation.
Covid-19 and its aftermath have altered the outlook for the real estate industry. The promising growth trajectory post the pandemic is an outcome of leading players adopting actionable and attainable climate and environmental sustainability initiatives. For developers who care, sustainability is woven right from the design stage and through to construction. From the raw materials during construction to the energy efficient enablers and from optimisation of water-use to handpicking flora on the project to ensure they need least amount of water; interventions are made across the spectrum.
Rethinking Sustainability
With crisis comes the opportunity to rethink. As per a recent study by the World Economic Forum, buildings account for 40% of global greenhouse gas emissions, in addition to deforestation and depletion of raw materials, and the real estate industry must play its role responsibly towards reducing this.
Developers today are cognizant of the asset’s performance, with a special focus on customer wellness. Key benefits of air, water, light, fitness, and comfort are meticulously merged into the offering to deliver an enriching living experience. Some key wellness elements include monitoring of indoor air quality, removal of air borne contaminants, optimising water quality while promoting its accessibility, improving illumination levels that have a direct impact on mood, energy and productivity. Additionally, care is taken to ensure spaces for relaxation that lead to improved mental and emotional quotient, while curating areas that encourage physical activity.
A ‘green home’ might cost up to 4-5% percent more, but over a period of time it pays for itself, delivering up to 40 percent savings on electricity bills and 20 percent on water bills. It also improves indoor air quality – for which their lungs will be forever grateful and is designed to ensure better natural lighting, which goes a long way in ventilation and reduction in maintenance outgoings.
Being Responsible
According to a CBRE South Asia report, India has witnessed a 31% increase in green real estate assets across the top six cities – NCR, Mumbai, Pune, Hyderabad, Bangalore, and Chennai, in the last decade. Going green has proven to be financially beneficial for both the developers and occupiers. Post the pandemic, homebuyers are progressively seeking ‘healthier’ homes, with not just relevant spaces inside of the home, but also in its surroundings – replete with amenities and community areas. The globally travelled, well read, responsible consumer, is increasingly welcoming eco-conscious real estate solutions and intentionally ‘choosing green homes’, with a sense of pride in owning a space that is healthy not just for them, but for their future generations.
A Sustainable Partnership
While conscientious buyers are most certainly a big driving factor, incentives from the State and Central Governments in the form of tax benefits and concessions have boosted this sustainability shift. Further environmental regulations also stipulate basic minimum standards like rainwater harvesting, organic waste converters, solar heating and lighting etc. making it more the norm of how developments will take shape in the times to come.
Barring the stamp of Green Development, conscientious reputed developers have taken this upon themselves to go truly green, in not just focussing inwards by restricting only to their development, but also proactively undertaking initiatives that impact the community at large. Some of these include afforestation in surrounding areas, rejuvenation of lakes, desilting of rivers and water channels among other initiatives that truly drive the sustainable development agenda.
All of these amalgamate seamlessly to assist in curating sustainable real-estate for the future, stimulating the real estate industry’s leap into a truly ‘green normal’.
Source: The Times of India