Growing Need for Sustainability in Real Estate
The COVID-19 pandemic was responsible for a worldwide lockdown, this global lockdown resulted in severe difficulties to economies and the general public. Only silver lining one could see was the record drop in carbon emission and significant reductions in air pollution. Climate change has been ranked at the top when it comes to areas millennials and genz’s are most concerned about. This same younger generation is now set to enter the housing market, and this environmentally conscious demographic is looking for green features and built-in sustainability. Consumer demand has evolved toward more energy-efficient dwellings, particularly because the lockdown experience exposed the drawbacks of energy-intensive structures. A new need for green and efficient energy systems will accelerate in residential structures, where individuals will likely live and work from home. Moreover, because the materials utilised are readily available, green homes can help save time and money. Developers buy materials locally in some of these buildings, which not only saves time but also minimises the carbon footprint by reducing the distance they must be shipped. This contributes to the development of a sense of community as well as the local economy. This shift towards a more environmentally conscious residential areas isn’t overhyped, and here is why- buildings with strong overall environmental quality can lower the risk of respiratory diseases, allergies, asthma, sick building symptoms, and improve worker performance, according to research findings. We may improve our home's indoor air quality by using zero- or low-emission construction materials and interior finish items. Apart from cost-benefit analysis, green buildings have a number of societal benefits, including improved tenant health and well-being and higher labour productivity. Green buildings are increasingly being sought after by the corporate sector due to the environmental benefits and employee satisfaction they provide. As governments plan for the recovery period, there are resounding voices demanding a higher emphasis on environmental sustainability. In recent years, the Indian Green Construction Council (IGBC) has collaborated with numerous Central and State Government organisations to promote the green building revolution in India. However, green buildings have a lot of potential in India and there is a long way to go. Given the benefits it provides, the government's incentives for this development, and the growing demand from environmentally concerned consumers. India has emerged as one of the leading countries in terms of green building initiatives, despite the fact that it’s just starting out. In terms of the number of green technology projects and built-up area, India is only second to the United States. For many years, real estate has been aggressive on sustainability issues. The industry is going forward to improve its sustainability performance out of self-interest and social duty. Going forward, if real estate is to actually play a role in a more sustainable, just, and inclusive future — a net-zero future – the next decade will be vital. The conversation about green real estate is evolving, and any property that does not keep up will become obsolete. While a green premium is a one-time bonus, a brown discount will have a far greater influence on a building's financial performance in the future years.
Tags : Vipin Modi Sales Director SAYA Group Sustainability Real Estate the Indian Green Construction Council (IGBC)