by Neeraj K Mishra, Executive Director, Ganga Realty
There is a conspicuous emergence of green building practices in the real estate sector to reduce pollution-inducing activities and increase the eco-friendly footprints of a particular project. The changing customer preference for investing in green projects cannot be seen as a direct result of the pandemic as the buyers, even before it, through many studies, have expressed to invest in a project that is eco-friendly in the making, structure, and practices. However, property buyers became more vociferous and resolute about their intentions to only invest in a project that subscribes to green construction modalities after the pandemic.
Realtors are also deploying inventive measures to attract homebuyers and make their buildings more resilient and technology-sound. The usage of eco-friendly construction materials is the first step in the direction of greater adoption of green building practices in the real estate development scenario.
The steady appreciation in the prices of traditional raw materials such as steel and cement, especially after the Ukraine-Russia war also encouraged developers to look for cheaper alternatives. Construction materials like concrete slabs, cork, bamboo, and wood, among many others are being substantially used to make buildings fundamentally robust and cause lesser environmental pollution during different stages of the construction process.
Real estate development is undergoing a paradigm shift. The term sustainability has found a deep-seated resonance in the common vocabulary and found an effective implementation in the construction scene as well. Real estate users are professing their desire to invest in a sustainable residential project looking for permanent settlements. The greener the building, the higher its stakes of getting oversubscribed.
Green buildings are also cost-effective. According to the Anarock data, occupants of green buildings can save 20-30% on energy consumption and 30-50% on water usage through the medium of extensive recycling. Green Buildings provide better air quality; and enhanced daylight, which facilitates lower electricity consumption and produces better living conditions and overall well-being of residents.
Green Building culture has seen a progressive rise in India’s real estate landscape. India ranked third in the world for Leadership in Energy and Environmental Design (LEED) of green buildings in 2021, according to the US Green Building Council’s annual report with 146 certified buildings and spaces, or almost 2.8 million gross square meters to its credit.
Green Buildings are the future of India’s real estate. The construction industry has also introduced and used pollution-free construction equipment and machines to reduce high levels of pollution at building sites. Realtors are also demarcating and enlarging spaces for green lands such as gardens, lawns, green roofs, and community woodlands.
The real estate ecosystem is on the cusp of a transformative rise where it is adopting newer and interesting ways to expand green buildings and projects to allure new buyers who are significantly inclined to invest in them.
