Net zero pathway for real estate industry in India
India is taking a significant step towards a greener and more sustainable future, and the real estate sector is playing a crucial role in this transformation. Green buildings, which focus on environmentally friendly practices, are gaining popularity across the country. According to a recent report, the supply of green buildings in India has grown by an impressive 37% in the last five years. While they currently make up only 5% of the total real estate supply, the demand is steadily increasing.
Why are green buildings becoming so popular?
Well, more and more Indians are becoming aware of the importance of protecting our environment for the long term. They are willing to invest a little extra in green buildings because they know it’s worth it. Although green buildings may have higher upfront costs, they lead to cost savings in the long run. For example, these buildings can reduce electricity bills by 20-30% and water supply bills by 30-50%. In just 5-7 years, these savings can cover the initial investment.
But it’s not just about money – green buildings also contribute to the well-being and health of the people who live or work in them. They are designed to offer a better living experience and are more attractive to potential buyers. It’s a win-win situation for developers and homebuyers alike!
As India aims to achieve a net-zero carbon footprint by 2050, the real estate sector has a critical role to play. By reducing reliance on fossil fuels and embracing renewable energy sources like wind and solar power, the industry can significantly lower its overall carbon emissions.
Moreover, green buildings utilize sustainable techniques such as green rooftops, natural ventilation, and sunlight to create a healthy and refreshing environment inside. They also promote water preservation by adopting practices like rainwater harvesting, water recycling, and using water-saving fixtures. All of these efforts lead to energy efficiency and contribute to the well-being of our society.
Green buildings are not just about the buildings themselves – their impact extends far beyond their walls.
A study by McKinsey revealed that the real estate sector is responsible for a whopping 39% of greenhouse gas emissions, with 11% coming from the construction of building materials. It’s high time for the industry to step up and embrace sustainable technologies throughout the entire value chain.
Considering India’s rapid urbanization and the growing demand for housing and commercial spaces, adopting sustainable and resilient technologies becomes even more crucial. With a massive population and an expanding middle class, the real estate industry must take the lead in shaping a better future for all.
Thankfully, the government is also offering a helping hand. Both the central and state governments have introduced favorable policies to encourage the adoption of green buildings and sustainable technologies. For instance, there are refunds and income tax depreciation benefits for those who invest in solar panels, rainwater harvesting, and waste management systems. Additionally, low-interest loans are available for green building projects.
Many states are also doing their part by providing subsidies for environmental protection infrastructure in various types of real estate projects.
In conclusion, the journey towards a greener India starts with sustainable and eco-friendly buildings. As more Indians embrace green buildings and the real estate sector adopts sustainable practices, we move closer to a future that is not only environmentally responsible but also economically viable and socially beneficial.
Let’s all join hands and build a greener, more sustainable India for generations to come. Together, we can make a difference!