The real estate industry has a vital role to play in climatic transition and boosting decarbonization efforts as India aims to become a low-carbon economy. This includes measuring and reducing the company’s environmental footprint on a regular basis. As shopper attitudes become increasingly environmentally sensitive, a change toward sustainability becomes more important.

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The necessity for eco-centric development

Amid the cascading effects of climate change on communities & natural ecosystems, businesses have to reassess their operational strategies. The real estate sector, which is one of the world’s top energy consumers, accounting for roughly 40% of total consumption, should be at the vanguard of this transformation.

Developers must also consider the financial benefits of adopting an eco-centric (green buildings) approach. As weather patterns become more irregular in the next years, it will be critical to construct structures that can withstand these changes. This will help to reduce the danger of future property devaluation owing to climate variables.

According to a recent JLL pan-India survey, 87 percent of commercial real estate tenants consider an asset’s carbon footprint before deciding on a lease. They are willing to pay a premium rent for green structures. This approach is also gaining traction in residential real estate. Being an environmentally friendly asset class is critical for real estate players to secure long-term viability.

Green building incentives from the government

The government has also taken many initiatives to encourage and incentivize sustainable real estate business practices. The Industries and Commerce Department of Andhra Pradesh. For example, provides a 25% discount on fixed total capital investment to structures that have received a green rating from the Indian Green Buildings Council (IGBC). For IGBC-certified properties, the Kerala Local Self Government Department grants up to a 20% reduction in property tax and a 1% reduction in stamp duty. Green buildings in Maharashtra might get an additional FAR (floor area ratio) of up to 7%. Furthermore, under its flagship production-linked investment (PLI) scheme, the national government has earmarked Rs 19,500 crores in the Union Budget 2022 to stimulate solar module manufacturing.

Green building innovations to reduce carbon footprint

The climatic transformation will undoubtedly have an impact on how people work and live. As a result, developers’ increased commitment to sustainability can be effective if it is in line with customers’ changing needs. The increased focus on health & wellbeing, particularly in the previous two years, has shifted homebuyers’ priorities significantly. A sustainable lifestyle is no longer a wish-list item, but rather a requirement. To succeed in the market, real estate businesses must adopt this new thinking and provide eco-centric services.

It’s exciting to see that green asset classes are not just desirable, but also feasible. Several innovations have already been implemented that have assisted developers in achieving significant gains in terms of sustainable measures, ranging from the use of Building Information Modeling (BIM) during construction to the use of energy-efficient HVAC (heating, ventilation, and air-conditioning) and the use of heat-resistant materials to keep the building cool. However, widespread adoption of these strategies is required to drastically reduce the real estate industry’s carbon footprint.

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