With a growing awareness of environmental impact, global warming and environmental protection, the concept of green homes have gained a lot of traction in the recent years. Real estate developers in India and outside are making efforts to construct projects that incorporate green home philosophies.
In India, the concept of green homes is still at a nascent stage. There is a gap in knowledge and awareness about what a green home constitutes and how it can be implemented. The other reason for the slow acceptance is the perceived increase in the cost of buying and subsequently maintaining a green home. While it is true that buying a green home is about 5-15% more expensive than a standard home, the extra cost is recovered within three to five years.
The concept of green home incorporates the use of environmental resources while building a home. These features include construction material, power, water, fixtures etc. The reason why green homes are more expensive than standard homes is that the cost of these materials and fixtures is higher. Fly ash bricks, rainwater harvesting systems, solar panels, low flow toilets, and sinks come at a premium, adding to the cost of construction.
What most people fail to understand here though, is that this is only the initial cost they must bear. Once these fixtures are installed, residents start reaping benefits almost immediately in form of lower power bills, electricity bills, cleaner air in their homes. Another aspect where residents save is that such projects enjoy the support of the government in form of lower property taxes.
What’s also interesting is that green homes have a longer life as compared to standard homes. The age of a standard home is estimated to be about 50-60 years while for a green home the number is somewhere around 100 years.
Prospective buyers should also note that green homes are expected to fetch better returns, higher rentals and appreciate more in the future. While the concept may currently be in its early stages, more and more people are realizing the significance of environmental protection and what it means for them at a personal level. Such people are more likely to rent or buy green homes than standard homes.
In the end, we can say that while you may have to shell out a bit more for a green home, the cost will be justified in the long run.
