With growing investments in sustainable projects, India’s real estate industry is poised to become a leader in global sustainability efforts

Sustainable real estate development focuses on creating environmentally friendly, socially responsible, and economically viable buildings and communities. India's real estate sector contributes significantly to energy consumption and greenhouse gas emissions, making it a critical area for innovation. New technologies and materials, such as bamboo, recycled wood, and eco-friendly cement, are being used to reduce construction's environmental impact. Smart home technologies are also being integrated into developments to help residents manage energy consumption and waste.

The Indian Green Building Council reports that the built environment contributes nearly 40% of global carbon emissions. Sustainable buildings in India can result in significant energy, water, and maintenance cost savings, increasing developers' profitability.Benefits of adopting a sustainability approach Sustainable real estate development in India offers numerous benefits that can positively impact the economy, environment, and society.

These benefits include reduced operating costs, higher property value, access to government incentives, reduced carbon emissions, conservation of natural resources, improved air and water quality, and social benefits.Economic benefits include reduced operating costs due to the use of less energy, water, and other resources.

Green buildings have higher resale and rental values due to better indoor air quality, natural light, and thermal comfort. Government incentives, such as tax credits and rebates, can help developers reduce construction costs and boost profits. On the other hand, reduced carbon emissions, conservation of natural resources, improved air and water quality, and improved quality of life are those attributes that indirectly benefit the country’s economy in the long run.

Current sustainable real estate scenario of IndiaSustainable real estate development in India is focusing on energy efficiency, water conservation, and waste reduction. Green roofs and walls are becoming more common, insulate buildings, and reduce heat island effects.

Additionally, efforts are being made to make existing buildings more sustainable through retrofits and upgrades, with government incentives encouraging these upgrades.

The Indian government has introduced regulations and initiatives to promote sustainability, such as the Green Rating for Integrated Habitat Assessment (GRIHA) and Leadership in Energy and Environmental Design (LEED). Experts predict a heightened focus on eco-friendly features and green technologies in 2024, aligning with global environmental concerns and changing consumer preferences. The industry's sustainability push, exemplified by policies like GRIHA, promotes eco-friendly construction practices. While sustainable buildings in Tier 1 cities are limited, the number of sustainable buildings in India is increasing, making them cheaper to run and creating a better working environment.

Endowed with immeasurable natural bounties, Goa is emerging as a centre stage of green projects, attracting investors and end consumers from all parts of the country.  Goa, India's west coast, is attracting real estate investors due to its stunning beaches, rich cultural heritage, and growing infrastructure.

India's sustainable real estate development sector is expected to experience exponential growth.

This growth is attributed to the growing awareness and demand for sustainable living spaces. India's real estate industry has the potential to lead in sustainable development practices, thanks to government initiatives and increased awareness among developers and investors.

(The writer is the director Yugen Infra; views are personal)