Remodelling the sector with green initiatives and sustainable approaches will make policies and technology more effective

The Indian real estate sector is driving the nation’s economy and has become one of the most critical components of our country’s GDP. According to Niti Aayog's prediction, the Indian real estate business can reach a market size of US$ 1 trillion and contribute 18-20% of the Indian GDP by 2030. However, as a linchpin in the Indian economy and powering 6-7% of the country’s GDP, real estate businesses are accounting for 40% of the carbon emission in India due to heavy construction.

With the growing demands of the housing and business sector in India, this is a very crucial time for the real estate sector to develop residential and commercial segments. Where every business model is adopting a sustainable strategy to reduce the carbon footprint, the Indian real estate sector is on the same path.

According to the World GBC report, 70% of the infrastructure required in India by 2030, is yet to be built. It is estimated that over the next two decades, India's real estate sector needs to adopt a green and sustainable model to achieve the goal. As per a recent study by World

The job of remodelling the real estate sector with green initiatives and sustainable approaches will take policies, technology, and the determination of real estate developers. The first and foremost task for the real estate sector is to reduce carbon emissions and achieve net zero. Achieving net zero by 2070 is an ambitious goal for India and the real estate business as a mainstay in Indian GDP should remodel and cover the green tracks as soon as possible.

Adopting Green Building Ratings 

The Indian real estate sector has started adopting Green building and ESG reportings (Environmental, Social & Governance), some of the key initiatives for green and sustainable growth in the realty business. The construction of green buildings in India has become a trend and gained momentum in the real estate sector. Green buildings are self-sufficient in terms of energy, material sourcing, water conservation, and sustainable interiors.

Decarbonising the Real Estate Development

The main challenge that lies ahead for the Indian real estate market is to tackle the construction and demolition (C&D) waste. India generates 150 MT of construction waste. There are ways to reduce, reuse and recycle the C&D waste for good. Unlike traditional real estate development, environment-friendly and resource-efficient materials should be promoted to use.

Pushing for Sustainable Real Estate

Not just the government, but also the millennials and young population are looking out for the best in terms of properties and sustainability. They are looking for greener spaces to live in. First-time property buyers are also leveraging LEED-certified buildings as they value sustainable buildings.

The real estate sector is a significant contributor to India's GDP and is expected to grow even further in the coming years. However, it is also responsible for a significant amount of carbon emissions, making it imperative for the industry to adopt sustainable and green initiatives.

The adoption of green building ratings and ESG performance, as well as the decarbonization of real estate development, are some of the key ways in which the industry can move towards a more sustainable future. With government support, developer determination, and technological advancements, the Indian real estate sector has the potential to become a leader in sustainable development and contribute positively to the environment and the economy.

(The writer is the founder of Geetanjali Homestate)