The Indian real estate sector is moving towards sustainability in line with the Global Sustainability in the real estate industry. With the increase in consciousness among corporate houses, investors. The common public about sustainability, carbon footprint, global warming, green spaces, green living ideas, etc. The real estate sector has shifted its focus on these ideas. With GRIHA (Green Rating for Integrated Habitat Assessment) and LEED (Leadership in Energy and Environmental Design) rating systems on the play, a competition has been set up among the business leaders while betting on real estate properties.
The Green Spaces Challenge
The LEED and GRIHA rating systems only encouraged businesses to adopt green practices in real estate. They have been an incentive to take up the green spaces challenge for global sustainability. Green real estate in India is promoted by the Ministry of Environment, Forests and Climate Change (MoEFCC) through various incentives, grants, and regulations.
The real estate sector picked up the green spaces challenge. This is evident from the fact that India has surpassed the US and China in the LEED zero-certified green building projects ranking first. This is a clear example of the real estate sector striving for global sustainability. Green real estate in India is led by DLF and ITC with the most LEED zero green certification.
While the global players the US and China have 30% and 10% of their LEED certifications as Zero-green certifications, India tops with 45% which is 73 LEED zero green certifications. This data has been put out by the US Green Building Council (USGBC) and Green Business Certification Inc (GBCI). Indian Green Building Council (IGBC) is the certification authority in India that developed the GRIHA rating system for green buildings.
Green Places To Live In India
According to a study by Knight Frank, Delhi is the greenest city for real estate in India, followed by Chennai, Mumbai, Hyderabad, and Bangalore. Delhi stands 63rd in the world as a green city for real estate.
When it comes to Delhi, it is not just Delhi. Just like a hub and spoke model, even though Delhi acts as a hub, the spokes around it are Gurgaon, Noida, etc.
Green places to live in Gurgaon increase every day with the bustling real estate noise. As India takes up the green spaces challenge in real estate, Gurgaon. The city with a lot of commercial and residential constructions going on, embraces it by providing green places to live.
Major real estate players such as the Godrej, DLF, Tulips, etc. Have realized the importance of real estate global sustainability and people’s choice towards an eco-friendly living idea.
The green spaces in real estate are not confined to residential space alone. Godrej Properties’ green meadows space is a perfect example of a sustainable real estate practice.
Green Places to Live in Gurgaon
Gurgaon is witnessing a major shift towards green spaces in real estate. There are green-rated townships that embody a commitment to sustainability, coming up. Some of the eco-friendly features or green living ideas that most players are looking at are:
- Solar-powered lights,
- Green zones like Hyde Park and Tranquil Grove
- Keep the temperature down.
- Thoughtful urban planning contributes to heat dissipation.
- Pedestrian-friendly infrastructure,
- Bicycle tracks
- Eco-friendly street furniture
- Organized waste management system
- Landscaped terrace gardens
Being a hustly-bustly city with many commercial spaces, Gurgaon still promises to be offering green spaces that reduce pollution, making lives greener, healthier, and sustainable. It shows that living in a city can still be good for the environment and health.
Why Global Sustainability in Real Estate?
The construction industry as a whole is a major source of pollution even before construction is started, and even after the demolition. Therefore, it is the responsibility of the real estate players to think about global sustainability not just because it will reduce pollution but will also be beneficial to them in the long run.
Global sustainability in real estate will help the real estate players also win the trust and empathy of the public. The real results that can be seen when green spaces initiative is taken are:
Reducing Carbon Footprint
When global sustainability kicks in the real estate, it leads to a major reduction in carbon footprint – to say it in one word. However, below are the detailed explanations as to why and how this will impact.
Energy Efficiency
Using the right material for construction, the 5-star-rated electrical appliances and architectural features to maximize the natural light, promote cross-ventilation, and minimize reliance on artificial heating or cooling systems, will promote the overall energy efficiency in the building. It will cut down the electricity costs for the power taken from the grid. Solar power can also be installed which leads to not just saving power from the grid but supply power to the grid, resulting in net profit. Around 75% of electricity is produced by thermal means, which leads to air pollution.
Green Living Ideas
To live green or being environmentally conscious is not an easy task. It all starts from the beginning even before you start construction, during construction, and even during demolition. Below are some of the ideas and practices that help live an eco-friendly life.
Sustainable Building Materials & Construction Practices
Using recycled or locally sourced materials during construction will help minimize environmental impact to a greater extent. For example, using fly-ash bricks or eco-friendly gypsum boards, recycled aggregate for internal road construction, green ideas such as a porous road that helps water sink for internal roads, etc., can be practiced.
Smart Technologies
Integration of intelligent lighting systems and smart home devices will optimize energy consumption. Smart technologies combined with sustainable architectural practices such as making use of maximum sunlight and air ventilation is a better idea for living green.
Net Zero Practices
Standard practice involves the installation of solar panels, and solar water heaters, enabling homes to generate clean energy and reduce reliance on traditional power grids. In addition to that, to become net zero, the water recycling, harvesting, and wastewater treatment at the first level has to be carried out. Thus, the overall intake of water from the external source is reduced. Ideally, rainwater harvesting is to be done, the same water is treated and used for all the purposes reducing the burden on the tap water. The wastewater from the washing of dishes, hands, legs, etc., is treated and supplied to the green spaces around the building.
Green Spaces and Landscaping
Green roofs, vertical gardens, and communal green spaces within residential complexes for enhanced aesthetics, biodiversity, and improved air quality. All the water and maintenance must also be green practices. For example, as mentioned above, recycled and treated water helps keep up the landscaping and green spaces around the property.
Promotion of Sustainable Lifestyles and Community Engagement
This involves actively encouraging waste reduction, water conservation, and eco-friendly commuting. Residential communities evolve into environmental hubs, fostering a collective responsibility among residents to champion sustainable practices. All the above practices and green living ideas are paramount for a better sustainable future in the real estate industry.
The Latest Real Estate News In India In Global Sustainability
The real estate industry has seen an impeccable shift towards green spaces in India. There was an 83% increase in green office stock in 2023 from 2016, which is a significant jump. This magnificent jump toward green real estate has also resulted in the reduction of maintenance costs by 20% while reducing GHG emissions by 35%. These results are brought to light by a report by KPMG India and Colliers.
The increased levels of consciousness to move towards global sustainability in real estate is among corporates, investors, the general public, and all the stakeholders involved due to multiple reasons – one being, that the green spaces in real estate reduce the overall lifetime costs significantly.
Conclusion
The real estate sector’s response to the Green Spaces Challenge is evident and India is going to lead the global sustainability in real estate. The industry’s dedication to adopting green living ideas to provide eco-friendly havens in India is a leading indication of the same.
The incorporation of sustainable design, renewable energy, and community engagement in real estate projects underscores a holistic approach, going beyond energy reduction to redefine the resident-environment relationship and prioritize healthier, sustainable living. Using sustainable design, and renewable energy, and getting communities involved in real estate redefines how people and their environment connect, making life healthier and more sustainable.
