Mumbai: Sustainable Housing Gives Real Estate Sector A Boost In MMR

Mumbai: Sustainable Housing Gives Real Estate Sector A Boost In MMR

Sustainable homes are designed to withstand and adapt to environmental challenges such as extreme weather events, climate change, and natural disasters.

Bhalchandra ChorghadeUpdated: Friday, April 26, 2024, 08:13 PM IST
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While affordable homes, redeveloped structures and projects with ample amenities for elderly has been the talk of the town, it’s sustainable housing that has been making slow yet effective evolution within the Mumbai Metropolitan Region (MMR). Such housing not only offers a holistic solution and addresses housing shortages, but also mitigates environmental concerns and socio-economic disparities.

By incorporating renewable energy sources, efficient water management systems, and eco-friendly construction materials, developers are able to reduce the ecological footprint while enhancing the quality of life of the people.

“Sustainable housing is not just a trend but a necessity in India's rapidly urbanizing landscape. With initiatives like green building certification and affordable housing solutions gaining momentum, we're witnessing a positive shift towards eco-friendly living. By prioritizing sustainability, we address urban challenges while creating healthier, more resilient communities," said the President of CREDAI MCHI and Director of Romell Group, Domnic Romell.

Strategies In Sustainable Housing

Sustainable homes are designed to withstand and adapt to environmental challenges such as extreme weather events, climate change, and natural disasters. While it aims to be affordable for a diverse range of residents, including low-income communities, such residences may involve strategies such as designing compact, efficient floor plans, providing access to public transportation and amenities, and offering financing options or incentives to encourage sustainable development.

Developers Embrace Eco-Friendly Practices In MMR

Stating that residents, developers, and policy makers are becoming increasingly aware of the need for sustainable living solutions as urbanization and environmental concerns increase, Chairman of Hiranandani Group, Dr Niranjan Hiranandani said, “The concept of sustainable housing is gaining traction in MMR as developers and residents adopt eco-friendly practices and technologies. Green building practices are being incorporated by developers, such as the use of environmentally-friendly materials, the implementation of energy-efficient designs, and the use of renewable energy sources. Also, developers are seeking certifications that demonstrate their commitment to sustainable practices, such as Leadership in Energy and Environmental Design (LEED) and Indian Green Building Council (IGBC).”

“As per reports, home buyers are 70% more likely to purchase a property that is equipped with sustainable features and green living. Driven by the need to boost the ecological living aspect in the concrete jungle, developers are also increasingly inclined towards developing projects with green living being the focal point of view,” said Director of Ajmera Realty & Infra India Ltd, Dhaval Ajmera.

Millennials Drive Demand For Sustainable Homes In MMR

Founder president of CREDAI MCHI Raigad and Managing Director of Prajapati Constructions, Rajesh Prajapati said, "Over the years, we have seen a shift in consumer preference moving towards sustainable ways of living. Lower utility bills, a reduced carbon footprint, and a healthier living environment are driving demand. Millennials have shown high interest in green homes and are willing to invest more money in eco-friendly projects. The MMR has been one of key markets driving sustainable ways of construction and green homes. The central and various state governments have also lent support to the sector by offering tax benefits and providing fast-track approvals.”

“Further, awards and recognition like LEED and IGBC certifications have made green-houses highly attractive. We are positive that the collective effort towards sustainability will make India achieve its goal of getting to net-zero emissions by 2070," Prajapati added.

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