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Green living and spacious homes continue to dominate homebuyer’s preferences – Money News

The Indian real estate sector is experiencing a remarkable surge in green building and sustainability initiatives, encompassing every corner of the nation, particularly among luxury homebuyers. With a focus on reducing greenhouse gas emissions, improving energy efficiency, and adopting renewable energy sources, the country is actively working towards a greener and more sustainable future. The new generation of discerning homebuyers encompasses HNIs, NRIs, millennials, young professionals, and retired professionals who prioritize spacious green living spaces that are highly sustainable and well-equipped with modern amenities and safety features.

According to a report by the Indian Green Building Council (IGBC), the green building industry is projected to double by 2025, reaching a market size of USD 50+ billion by 2025. The NCR region, in particular, is experiencing a notable uptick in preference for eco-friendly residences, driven by a growing focus on sustainability and environmental awareness. This surge in demand for green homes has catalyzed heightened research and development efforts in renewable energy technologies and sustainable construction materials. The green home initiative extends beyond environmental benefits, offering long-term economic advantages for homeowners. Furthermore, this initiative has the potential to significantly stimulate the Indian economy in the next five years.

Green living and spacious homes continue to dominate homebuyer’s preferences – Money News

Key Factors contributing to the rise of green living homes:

Environmental Awareness

The rise of green buildings in India is primarily driven by growing environmental awareness among homebuyers. As per the McKinsey report, building construction and maintenance contribute significantly to greenhouse gas emissions, accounting for roughly 26% of the total 37% of those related to combustion. Thus, sustainability is now an integral factor in Indian real estate. Sustainable developments incorporate features like open green spaces, designs to make the most use of natural light, efficient water management systems, and carbon reduction strategies. This shift reflects both the growing recognition of sustainability’s long-term financial benefits and a commitment towards environmental responsibility.

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Energy Efficiency and Cost Savings

Indian green homes prioritize energy efficiency through the integration of advanced technologies. Featuring solar panels, energy-efficient appliances, advanced insulation, and more to reduce energy consumption and utility bills. According to The Energy and Resources Institute (TERI), the green building concept in urban areas has the potential to save a significant 8,400 megawatts of power annually, enough to light 5550,000 homes a year. The undeniable long-term financial benefits make green homes an attractive investment option for homebuyers seeking a sustainable lifestyle. Moreover, the Confederation of Real Estate Developers Associations of India (CREDAI) has partnered with the Indian Green Building Council (IGBC). This collaboration aims to facilitate CREDAI members in developing certified eco-friendly housing projects. The association has even pledged an ambitious target of developing 4,000 green-certified projects by 2030.

Government Policies and Incentives

The Indian government actively promotes green building practices and sustainability within the real estate sector through various policies and incentives. In Delhi-NCR, developers are increasingly seeking certification of schemes such as Green Rating for Integrated Habitat Assessment (GRIHA) and Leadership in Energy and Environmental Design (LEED) for their residential projects, showcasing a commitment to environmental responsibility. Developers also adopt eco-friendly designs and construction techniques.

Technological Advancements

Technological advancements are fueling the green building revolution in Delhi-NCR. Developers are now seamlessly integrating sustainable features with smart home technologies, creating a win-win scenario for both the environment and homeowners. By monitoring and controlling energy consumption in real-time, homeowners can optimize lighting, appliances, and HVAC systems. This translates to significant reductions in energy use and a lighter environmental footprint. Smart features add a modern and futuristic appeal to green homes, perfectly aligning with the evolving preferences of today’s tech-savvy homeowners.

Way Forward

As we look ahead to a promising future, the rise of green homes in Delhi-NCR signifies a significant leap towards sustainable urban development in India. Amidst the constant traffic and noise of the bustling city life of NCR, the ambiance of green homes will help you find tranquility, especially after a hectic day at work. The push for green construction and sustainable real estate practices in Delhi-NCR is expected to witness a significant uptick. Developers, investors, and homebuyers are increasingly recognizing the benefits of environmentally-friendly living.

(By Parvinder Singh, CEO, Trident Realty)

Disclaimer: Views and facts expressed above are those of the author. They do not necessarily reflect the views of financialexpress.com.