As the second-largest employment generator, the real estate sector is a key contributor to India’s growth and development. India’s real estate segment will reach USD 1 trillion in market size by 2030 and contribute 13% to the GDP by 2025. Thus, this sector’s impact on the country’s economic outlook cannot be understated.
However, the economic outlook has to be balanced with sustainable growth. Due to the growing awareness around the environmental challenges that the world is facing, sustainable initiatives within the real estate sector have accelerated dramatically. In this day and age, sustainability is no longer a want but a need in the minds of developers and home buyers alike. After the onset of the COVID-19 pandemic, sustainable living has found renewed focus. The rising need to co-exist with nature, is driving customers towards green homes and eco-friendly practices. The Union Budget 2022-23 also highlighted our government’s major push towards building a more sustainable future.
However, some may ask, ‘Will sustainable fixtures and features make a noticeable impact on the environment?’ The answer is a resounding yes. They will not only influence the ecosystem around you but also help you realise the sheer impact that your daily actions have.
Smart automation systems help save energy and reduce costs by ensuring homes and offices use water and electricity more effectively. For example, thermostats can be programmed with different temperature preferences throughout the day and night, to ensure they substantially reduce energy consumption patterns. These systems can monitor energy usage within the space and monitor outside temperatures, thus, helping to heat or cool spaces efficiently and potentially reducing costs by a fifth.
Smart lighting makes light bulbs last longer, uses energy more efficiently and saves on electricity bills. Lights can be set on timers, preventing them from staying on all day. Many light bulbs work with motion sensors and respond to people entering and leaving a space. They can also be accessed through an app and turned off remotely. Many large appliances draw a surprising amount of power, even while they are turned off. On an average, this could be up to 10% of the monthly electric bill. Thus, power strips and switches can be programmed to automatically power off plugged-in appliances when not in use.
Smart water management
Additionally, smart micro-irrigation systems can plan effective watering schedules and reduce water wastage that usually occurs due to poor sprinkler positioning or evaporation. Other eco-friendly features like integrating more green-cover and landscaping, integrating service chambers under plantation lines, rain-water channelizing, groundwater recharge pits and sewage treatment, all go a long way in creating a greener future.
With India’s rapid shift towards green mobility, it has become more critical than ever, for real estate developers to leverage clean-tech solutions. As the future of transportation turns electric, developers are already incorporating EV-friendly infrastructure, like charging and swapping stations, in residential and commercial developments.