Reshaping Real Estate: The Green Revolution in Indian Housing
It was at the 2021 UN Climate Summit in Glasgow that the majority of global economies came on board to have Net Zero as the organising principle. Today, more than 140 countries have set a net zero target, pledging to undertake rigorous action to curb carbon emissions. However, the need of the hour is for major carbon-emitting industries to reevaluate traditional practices, trading them for environmentally friendly alternatives.
One such industry that has been increasingly under the scanner is the real estate sector, which is responsible for nearly 40% of global emissions. This has led to the concern of climate change, which was once peripheral to the industry, rising to the forefront. This is especially true for a country like India, where rapid urbanisation and population growth have driven the climate crisis to unprecedented levels.
As a result, the paradigms of the Indian real estate industry have been unvaryingly altered, with momentum towards green and sustainable residential developments. The pandemic, which once again revealed nature’s wrath to mankind, has furthered the push towards residences that drive a healthier lifestyle and environment. But before discussing the benefits of these green residences, it is important to understand what the term actually entails.
So what are Green Homes?
Green homes, the panacea of healthier, environmentally friendly living, are essentially residences that are built to emit minimal, or rather reduce, carbon emissions by virtue of utilising non-toxic, durable, and carbon-neutral materials throughout a home’s lifecycle. This can include things such as sustainability-sourced raw materials, energy-efficient fixtures, low-VOC paints, etc.
As of 2022, India ranked second in the U.S. Green Building Council’s (USGBC) list of the Top 10 Countries and Regions for LEED certification in the year 2022, with over 10.47 million gross area square metres of LEED certified space. The certification is the world’s most widely used green building rating system and symbolises the strides the Indian real estate industry has taken in creating a built environment that is sustainable.
Let us now delve into the numerous advantages green homes bring to us, our communities and the planet.
Nurturing the Environment
As mentioned above, the foremost objective of green homes is to curate residences that are better for the environment, thereby reducing carbon emissions. This includes developers investing in renewable sources of energy, like solar power and wind energy, that are carbon neutral. Right from the planning stage to the development and operational stage, it is critical that the principles of sustainability are upheld.
From sourcing sustainable raw materials to ensuring they are indigenously acquired to designing homes that employ energy-efficient appliances and fixtures, these homes are dedicated to minimising greenhouse emissions, thereby mitigating climate change. These initiatives also focus on reducing consumption of water by installing water management systems like rainwater harvesting, sewage treatment plans, low-flow fixtures, etc.
Catering to Residents’ Wellbeing
In addition to being nurturing for the environment, investing in green homes also enables you to invest in a healthier lifestyle. For instance, green homes are usually designed to be naturally well lit and ventilated, which not only reduces dependence on artificial lighting and temperature regulation but is also infinitely beneficial for residents’ health.
Similarly, green homes are renowned for their use of non-toxic materials, which lower the risk of respiratory diseases and allergies while also contributing to cleaner air. Another way in which these spaces promote environmental stewardship is by incorporating green spaces such as landscaped gardens, green terrace tops, vertical gardens, etc. into their design to create an urban ecosystem that is thriving with unadulterated air. This significantly reduces the heat island effect urban landscapes today are often plagued with, in addition to maintaining clement conditions.
The Economic Appeal
Homeowners today are not only looking for aesthetics and comfort but rather prioritise spaces that align with their values of a healthier lifestyle and planet. It is for this reason that demand for green homes will reach an all-time high in 2023. The heightened demand for these spaces by environmentally conscious consumers, coupled with the limited supply, has supplanted the added perceived value of these homes.
Indeed, many studies show that green homes tend to resell at a higher price point compared to their contemporary counterparts. Therefore, the initial premium price paid for the green specifications is repaid in folds when the property is resold. Not only that, many of these energy-efficient fixtures are also cost-effective, adding to a home’s overall economic attractiveness.
In conclusion, the surge in demand for green homes in India signifies a profound shift towards sustainable living. As the real estate industry unvaryingly alters its paradigms, the rise of eco-friendly residences becomes not just a trend but a commitment to a harmonious coexistence between modern living and environmental responsibility. Green homes are not merely properties; they are the embodiment of a collective vision for a healthier, more sustainable tomorrow.
