Why Should Real Estate Players Focus On Green Buildings?
Focus On Green Buildings : Today, as eco-consciousness grows in relation to shopper attitudes, a change toward sustainability becomes increasingly important.
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Real estate is at the heart of a sustainable future.
The real estate industry has a vital role to play in climate transition and boosting decarbonization efforts as India aims to become a low-carbon economy. This involves monitoring and reducing the company’s environmental footprint on a regular basis. As shopper attitude becomes increasingly environmentally sensitive, a change toward sustainability becomes more important.
Focus On Green Buildings: The importance of eco-friendly development
Businesses must rethink their business strategies in light of the cascading consequences of climate change on populations and natural ecosystems. The real estate industry, which is one of the world’s top energy consumers, accounting for around 40% of total consumption, should be at the vanguard of this transformation.
Developers must also consider the financial benefits of adopting an eco-centric approach. As weather patterns grow more irregular in the next years, it will be critical to construct structures that can withstand these changes. This will assist to reduce the danger of future property depreciation 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. In residential real estate, this strategy is gaining traction as well. To ensure long-term profitability, real estate players must be environmentally friendly asset classes.
Focus On Green Buildings: Green construction incentives are provided by the government.
The government has also taken many initiatives to encourage and incentivize sustainable real estate business practises. 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 homes, the Kerala Local Self Government Department grants up to a 20% discount in property tax and a 1% reduction in stamp duty. Green buildings in Maharashtra might get an extra FAR (floor area ratio) of up to 7%. Furthermore, under its flagship production-linked investment (PLI) plan, the national government has earmarked Rs 19,500 crores in the Union Budget 2022 to stimulate solar module manufacturing.
Focus On Green Buildings : Green construction innovations to reduce carbon impact
The climatic transformation will undoubtedly have an influence on how people live and work. As a result, developers’ increased commitment to sustainability can only be effective if it is in line with customers’ changing demands. The increased emphasis on health and wellbeing, particularly in the previous two years. Has caused a substantial shift in homebuyer priorities. A sustainable lifestyle is no longer a wish-list item, but rather a requirement. As a result, in order to thrive in the market. Real estate firms must connect with 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 aided developers in achieving significant gains in terms of sustainable measures. Ranging from the use of Building Information Modeling (BIM) during the design phase to the use of building information modelling (BIM) during the construction phase. 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 impact.
Finally, rather than choosing for short-term reactive efforts, it is critical to take control of the decarbonisation agenda. The decisions made by the real estate industry today will have a significant impact on the future of smart. Scalable, and sustainable living. While the initial expenses of green building construction may be greater. This should not stop real estate investors from reaping the long-term environmental and economic advantages.
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