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Sustainable development

Sustainability Takes Center Stage in Indian Real Estate

Strategic Insights

— 1 min read

The Indian real estate industry is undergoing a significant shift towards sustainability, with a growing focus on green buildings, renewable energy, and eco-friendly practices. As the country grapples with the challenges of climate change and environmental degradation, real estate developers, policymakers, and consumers are embracing the concept of sustainability as a new luxury.

Key Takeaways:

  • More than 70% of buildings that should be completed in India by 2030 are yet to be built, with the UK already having completed over 80% of the buildings that need to be built by 2050.
  • Buildings in India use up 40% energy, 30% raw material, 20% water, and 20% land-use, while generating 40% carbon emissions, 30% solid waste, and 20% water effluents.
  • The Indian government has introduced policies to promote sustainability, including an additional Rs 19,500 crore for Production Linked Incentive (PLI) for manufacturing high-efficiency solar modules.
  • Real estate developers are increasingly adopting green technologies, such as solar power, water recycling, and waste composting, to reduce their carbon footprint and impact on the environment.
  • Homebuyers are becoming more aware of the importance of a healthy and green living space, with the pandemic accelerating the demand for sustainable homes.
  • The Green Affordable Housing Rating has been introduced by IGBC to promote sustainable housing practices.

Statistics:

  • India will be using up its natural resources at a possibly terminal pace, with buildings consuming 40% energy, 30% raw material, 20% water, and 20% land-use.
  • Buildings in India generate 40% carbon emissions, 30% solid waste, and 20% water effluents.
  • The Indian government has set an ambitious target of installing 280 GW of solar capacity by 2030 with an additional Rs 19,500 crore for Production Linked Incentive (PLI) for manufacturing high-efficiency solar modules.

Sources:

  • Santhosh Kumar, Vice Chairman, Real Estate Group
  • Vineet Goyal, Joint Managing Director, Real Estate Group
  • Amol Ravetkar, CMD, Real Estate Company
  • Shashank Paranjape, MD, Developer
  • Dr Gaurav Somani, MD, Real Estate Company
  • Union Budget 2023 (financial year 2023-2024)

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