Real estate is one of the most significant sectors of the global economy. Moreover, the environmental impact of real estate is equally substantial, with buildings responsible for over one-third of global energy use and carbon dioxide emissions. The real estate developers in India have recognised the importance of reducing the environmental impact caused by them. This leads to the emergence of sustainable real estate as the industry’s future.
The shift towards sustainability reflects the need for responsible development and its commitment to creating an environment that meets ecological values. Continue reading to explore how these real estate developers in India are prioritising sustainable development.
Overview of the Indian Real Estate Industry
The real estate developers in India are witnessing buildings across residential and commercial segments that are mindfully designed and bespoke sustainable practices. Implementing safe and sustainable designs reduces the carbon footprint in the country. Also, it contributes to the overall growth of the sector.
With rapid urbanisation, striking a balance between sustainability and meeting the demands of the market has become a key objective for real estate developers in India. The commercial real estate sector in the country has made significant strides in adopting sustainable practices, aligning with the global trend towards environmentally conscious development.
Real estate developers are prioritising energy efficiency, renewable energy integration, water conservation, and the use of eco-friendly materials in their projects. This shift is driven not only by these real estate players but also by office space occupiers who seek sustainable spaces with green certifications.
Criteria for Assessing Sustainable Development in Real Estate
- Energy Efficiency: One of the most important criteria for assessing sustainable development in real estate is energy-efficient buildings. These developers should evaluate the building’s energy consumption, use of renewable energy sources, efficient HVAC systems, insulation, and use of smart technology for energy management.
- Material Selection: For sustainable development practices, real estate developers in India use eco-friendly and recycled materials, sustainable sourcing practices, and the overall environmental impact of materials used in construction.
- Water Efficiency: Real estate developers in India must consider water management practices for sustainable development. They should include proper water usage, recycling systems, rainwater harvesting, and the implementation of water-efficient fixtures and landscaping.
- Waste Management: Another criterion that helps in assessing sustainable development is evaluating waste reduction strategies during both the construction and operational phases. These may include recycling programmes and waste diversion practices.
- Certifications and Standards: Real estate developers should adhere to green building certifications like the Indian Green Building Certificate (IGBC) Platinum/Gold certifications or local standards that encourage sustainable construction practices. These standards have incentivised the integration of energy-efficient technologies, renewable energy sources, and efficient insulation in building design.
Profiles of Leading Sustainable Real Estate Developers in India
One of the leading real estate developers in India, Mahindra Lifespaces, has Platinum IGBC-registered projects designed to be energy-efficient. Their building projects are some of the first projects in the country that come with various initiatives to encourage sustainable practices among the occupants.
These projects include sustainable practices such as promoting the use of electric vehicles, waste segregation or management, and so on. Additionally, they have also taken several measures to save water in their buildings, including rainwater harvesting and water metres.
Challenges and Opportunities in Adopting Sustainable Practices
While real estate developers in India are gaining momentum in sustainability, they face various challenges, including regulation, upfront costs, and a need for more awareness and education.
Another major challenge is the high initial cost of sustainable development. These buildings require advanced technology and materials, which can be expensive. Real estate developers in India may hesitate to invest in sustainable features because they increase the cost of construction. Financial incentives and subsidies can help offset these costs and make sustainable development more attractive.
Benefits of Sustainable Real Estate Development
1. Environmental Impact
Builders in the country aim to reduce the environmental impact of buildings by incorporating energy-efficient technologies, renewable energy sources, and water-efficient systems. The goal is to create buildings that are energy-efficient and also reduce carbon footprint.
2. Economic Benefits
Real estate developers in India can reduce energy and water consumption, thus lowering utility bills for occupants. Additionally, sustainable buildings can have higher resale values, as they are perceived as more desirable by buyers.
3. Social Benefits
Sustainable real estate developers in India can provide social benefits by creating healthy and comfortable living spaces. These buildings can improve indoor air quality, reduce noise pollution, and create spaces that promote wellness for both humans and the surrounding environment.
Brighter and Greener Future That Blend Luxury
For sustainable development, real estate developers in India are constructing energy-efficient and environmentally responsible buildings and creating inclusive and socially responsible communities. Real estate developers in India, like Mahindra Lifespaces, address environmental and social challenges while fostering a greener and more equitable future for the country.
Their projects include various steps for a sustainable environment, such as solar water heating systems, eco-friendly air conditioners, and waste segregation at entry level, among others. Moreover, they are India’s first real estate company to have approved Science-Based Targets (SBTi). You should know that Mahindra Lifespaces is the only real estate developer to have launched India’s 1st Net Zero Energy Homes in Kanakapura, Bengaluru. Their objective is to construct only Net Zero homes by 2030! So, book your home with Mahindra Lifespaces today!