Can Real Estate Really Go Green with Sustainable Buildings? Shares Priyatham Kumar, Homes247

India's real estate sector is expected to expand to $5.8 trillion by 2047, contributing 15.5% to the GDP as per a joint report by Knight Frank and the National Real Estate Development Council. However, the construction and operation of buildings have a substantial environmental footprint and emerge as a pivotal arena for change. With rapid urbanization and growing environmental concerns, the future of sustainable real estate in India holds immense significance. To promote this, the apex body of private real estate developers, the Confederation of Real Estate Developers' Associations of India has partnered with the Indian Green Building Council to construct more than 4,000 environmentally friendly and sustainable projects by 2030. The developer's organization plans to construct over 1,000 environmentally certified projects in India over the next two years by implementing IGBC Green and Net Zero building ratings.

Green Building Principles: A Sustainable Approach for India:

Green buildings aim to minimize the environmental impact through innovative design and construction methods by addressing India's specific challenges, including:

Climate Responsive Design: Utilizing methods such as passive cooling, natural ventilation, improved insulation, energy-efficient lighting, and effective building envelopes can greatly lower the energy requirements for heating and cooling by adjusting buildings to match the local climate. This helps lower the expenses for property owners and occupants, while also reducing emissions and reliance on non-renewable energy sources.

Water Conservation: India can significantly decrease its water consumption by using low-flow fixtures, rainwater harvesting systems, drought-resistant landscaping, and water-efficient landscaping practices. Green buildings can play a role in easing water scarcity in urban cities and supporting water conservation by cutting down on water consumption.

Locally Sourced Sustainable Materials: Real estate developers must start using recycled and rapidly renewable materials like bamboo and fly ash bricks to minimize the embodied carbon footprint of the construction process and support local economies. Using eco-friendly materials creates a minimal impact on the environment and boosts revenue due to its local production at mass levels. 

Green Roofs and Vertical Gardens: Integrating green areas in city landscapes can enhance air quality and alleviate the urban heat island effect, which is becoming a major concern in cities across India. Furthermore, green constructions emphasize indoor air quality by using low-emission materials and installing ventilation systems to provide a healthy and cozy indoor space for occupants.

Priyatham Kumar, Founder of Homes247 says, “The Indian real estate industry has immense potential to go green with sustainable buildings, and numerous benefits ranging from energy and cost savings to improved resident well-being, sustainable buildings offer a holistic approach to building design and operation. Investors are increasingly recognising the long-term value proposition of sustainable construction, and forward-thinking developers are responding by adopting green practices.”

Green buildings are becoming increasingly popular in India due to their compelling financial benefits, including: 

• Energy-efficient features and renewable energy integration translate to lower utility bills over time, gradually reducing operational costs.
• As environmental awareness grows, green buildings are expected to attract more tenants and buyers, leading to increased property value
• Government certifications like Leadership in Energy and Environmental Design offer tax breaks and other incentives 
• Green buildings often offer better indoor air quality, natural light exposure, and improved thermal comfort, leading to healthier and potentially more productive occupants.

“The transition to sustainable real estate requires a multi-pronged approach, encompassing policy changes, technological advancements, and a collective shift in mindset. While the concept of sustainable buildings is gaining traction in India, several challenges hinder its widespread adoption such as its initial cost, lack of awareness,  lack of supportive policies from corporate hierarchies. All these challenges need to be mindfully addressed to embrace sustainable building practices in India,” adds Kumar. 

The potential for Indian real estate to go green with sustainable buildings is not only feasible but also essential for the long-term well-being of the environment and society. By addressing the challenges through policy support, industry collaboration, and technological advancements, the real estate sector can transition towards sustainable development practices that prioritize environmental stewardship and resource efficiency. With a concerted effort from all stakeholders, including developers, investors, government bodies, and consumers, Indian real estate can indeed embrace sustainable building practices and contribute to a greener, more sustainable future.