The Indian real estate industry is already witnessing steady growth over the last few years, with demand going up in almost all segments including affordable homes, luxury homes and so on. With increasing expansion, there are rising concerns related to the environment and the overall effect on the generations to come. With this aspect in mind, buyers are increasingly giving more importance to the green quotients of their homes, as seen through higher demand for these units.
The Luxury Outlook Survey 2023 by India Sotheby’s International Realty indicates how open green spaces, bigger homes and good social and physical infrastructure are key factors driving property purchases, while 11% of people are also choosing sustainable features as one of the major reasons behind property purchases, which is higher than 5% in the last year. Real estate developers are also taking these trends seriously. The definition of luxury now covers entertainment facilities, personalised services, wellness ori3neted amenities and even sustainability. Millennials are also paying higher importance to green homes while taking property purchase decisions.
The Founder and Chief Operating Officer (COO), Square Yards, Kanika Gupta Shori, feels that green homes are now highly preferred lifestyle choices for environment-conscious buyers including millennials, due to their technology-based features and lower carbon footprint. She also feels that Gen Y buyers are more attuned to the idea of staying in an eco-friendly and sustainable community with a higher quality of life, especially in Tier-1 cities that have higher pollution levels. A Square Yards poll also discovered 64% of respondents were inclined towards paying more for sustainable home features, considering the future rewards. These payoffs include lower water and energy bills, property tax rebates, lower maintenance costs and lower medical costs due to higher livability in the long run.
Shori also states that the net-zero residence concepts has already gained immense traction in the country, not just amongst luxury buyers but also upper-middle class customers. Developers are also adapting to these evolving trends and providing sustainable and personalised living spaces for clients. Demand in this category is already higher than existing supply. Grade-A developers are thus revamping their strategies and coming up with innovative green building developments which cater to these customers.
Some of the major steps include eco-friendly construction materials and green technologies like wind turbines, water management, solar rooftops, EV charging stations, composting and waste management. They are also providing amenities like open and green spaces, jogging tracks, walking trails and sustainable design for higher natural light, ventilation and better air quality.
Shori also feels that the number of green-certified buildings will increase in leading cities, with major developers making these commitments throughout various asset types and taking more steps towards achieving carbon neutrality. There has been an increase of more than 30% in the last five years, with regard to the supply of green-certified buildings in leading cities. This trend is expected to continue in future.
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Published Date: June 5, 2023
