The spread of the pandemic leading to intermittent lockdowns since last year has impacted the Indian economy. One of the worst impacted sector is real estate. There is whirlwind of preferential changes observed in homebuyers because of the pandemic-induced changes in day-to-day life. For example, bigger living spaces and all-amenities-and-utilities-inclusive townships that secures them from the exterior world in times of crises. Developer community is adapting to the same and accordingly making alterations/additions in their projects.
Real Estate contributes to one-third of global greenhouse gas emissions and absorbs 40 percent of the world's energy. The infra and real estate sector in India is accountable for nearly 22 per cent of all-out emissions.
A conscious shift has begun seen with people progressively leaning towards green and sustainable living, although at a much small scale. The new demand is visible for green and efficient energy systems in residential areas.
Backed by the need for a bigger living space, there’s a massive surge in demand for affordable units in suburban areas. People are moving from cities to suburbs as it provides them more indoor and outdoor space attached to their property at an affordable rate. With more activities taking place inside the home due to COVID-19 fears, houses need to now have space for living, entertainment, career/job work, working out, school and more.
One of the advantages of sustainable housing is its ability to address concerns of climate change, global warming, and lack of green spaces in cities. With sustainable architecture, construction and operations, green buildings can reduce carbon emissions, energy and waste, and conserve water.
Real estate expenditure and planning should focus on making operations eco-friendly and reduce the pressure on the environment to some extent. Realtors should make the most out of their resources by building renewable-energy infrastructure and eco-green projects.
(Rohit Poddar is Managing Director, Poddar Housing and Development)
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