– by Mr. Apurva Gupta, Chief Marketing Officer, Rivali Park CCI Project
Ecologically accountable and resource-efficient buildings are currently becoming an essential part and future of the construction and real estate industry in India. We reside in a world where-in we tend to breathe in polluted air, fast-depleting natural resources and the threat of climate fluctuation is no longer just a cautionary sign but a stark reality. However, the encouraging aspect is that simultaneously there is also a growing awareness of the situation and all stakeholders are taking appropriate steps to refine the scenario. Energy-efficient and ecological green homes and commercial structures are the new buzz word among the community of buyers and investors and there has been a mounting number of home investors who are keen on investing in conscious homes. Real estate developers and builders have also been paying close attention to green homes and ecological buildings by comprehending the significance and connection between environment-friendly properties, cost savings, and a healthy and restored living. With the residential market in India gradually moving towards embracing sustainability, there are promising indications that we are on the verge of modification. This is clearly evident through the prodigiously optimistic reception towards the new and fast-emerging concept of Green Star Homes in India.
The aspect of sustainability in the real estate context is not only confined to energy conservation but also encompasses the utilization of capitals, bearing on the surrounding environment and living conditions for the residents. Green buildings integrate ecological features like efficient water usage, effectual use of energy, proper utilization of renewable energy and recyclable materials and appropriate use of landscapes and building management systems. Green housing is bound to generate less waste and will bestow inhabitants with a recovered living environment. The on-going COVID-19 pandemic has underlined for many of us the prominence of residing in safe, healthy, and resilient homes thus enabling homebuyers to comprehend the importance of living in sustainable residencies. Moreover, several studies conducted on the health and wellness quotient of residing in green homes has revealed that respiratory issues tend to drop in green buildings. This is an exceptional prospect for the realty domain to take-stock and strategizes for the challenges and opportunities by designing homes that comply with green standards and sustainable ratings.
Sustainable buildings account for only 2% of new constructions in India. The countries emerging housing and construction segment is one of the chief contributors to the country’s carbon emissions. This accounts for about 22% of India’s over-all annual carbon emissions. While the building construction accounts for up to 40% of the total energy consumption in India, the housing segment is known to account for over 60% of it. Hence, it is vital to move towards green development for housing projects. The biggest advantage of green star homes is that they come equipped with Zero Net Carbon inclusions.
Advantages of Green Housing
Certified green buildings typically lead to energy savings of about forty to fifty percent and water savings of about twenty to thirty percent as compared to traditional buildings in India. There is a rise in an effort to build homes consciously that are definitely better for the environment, inexpensive to operate, and also more comfortable and better for the families who reside in them.
In such new-age green and sustainable homes, the developer makes a mindful effort to utilize materials that are energy-efficient in order to enable the customer to procure more value for this investment and simultaneously contribute towards natural conservation. The aspect of a conscious home is not based on a green environment, but it is related to the operative usage of eco-friendly resources such as water, power and garbage that produces no pollution and can be used for composting, generation of power or for active carbon generation.
Heat control will be executed by proper insulation method in Green Homes and the emphasis will be on the plantation, optimal application of natural and local resources. All these aspects make a green home a feasible and cost-effective sustainable option.
These homes lead to augmented revenue for both end-user and developers. The additional LEED certification cost is about two to five percent of the overall cost of a building. A developer can charge a premium for the “Green Building” certification and the consumer will, in turn, have amplified resale value and higher rental yields, thus benefitting both.
Although the preliminary expenses for a green star homes are slightly high but going forward it turns out cost-effective as your ongoing upkeep charges like water and electricity are significantly reduced.
While green and sustainable buildings do bestow us with colossal benefactions, developers and buyers do face a number of challenges:
- The extra cost of construction, price restrictions, trouble in obtaining materials that go into the construction of the sustainable building and a long gestation period poses a challenge for the builders and developers.
- Buyer’s being hesitant to pay a premium for sustainable residential projects. The absence of demand and lack of awareness among buyers also makes developers uncertain to invest in this segment.
- There is a dire need to convince buyers that the total cost of ownership, together with a maintenance cost, over the property life cycle, will essentially offer them noteworthy savings in the long run.
Countries like India, which have been experiencing record-breaking development and urbanization levels with over nine hundred million new urban residents expected by the year 2050, definitely face substantial challenges on two fronts. These include speedily developing the essential infrastructure while lessening the environmental impact of such development. Hence it is judicious to safeguard the environment and preserve the natural resources for the coming years. Therefore, Green star homes have become the need of the hour.