As India promises to become a decarbonized economy, the real estate industry has an essential role to play in climate change and speeding up efforts for decarbonising. This includes consistently estimating and lowering the environmental effects of its operations.
A transition towards sustainability also becomes crucial today. Buyers have become eco-conscious, which is where the concept of green real estate comes into play.
Importance Of Green Real Estate
It is irrefutable that this drastic transition will affect the lifestyle of people. Thus, the dedication of developers toward environmental sustainability can only be effective if it is in line with the changing needs of the customers. Specifically, the increasing focus on wellness and health in the last two years has caused a remarkable shift in the priorities of real estate clients.
It is important to keep in mind that creating eco-friendly assets is not just a trend but also a need. Various innovations are already in place. They have helped developers in making notable gains with regard to taking sustainable actions. This is done by incorporating the Building Information Modelling (BIM). During construction, the usage of energy-efficient HVAC (heating, ventilation and air-conditioning) and of heat-resistant materials keep the building cool. But, adopt these measures on a larger scale to decrease the carbon footprint of the real estate industry significantly.
What Is The Role Of The Indian Government In Encouraging Green Buildings?
The government has also taken a few measures to motivate and inspire green real estate business practices. For instance, in Andhra Pradesh, buildings with a green rating from the Indian Green Buildings Council (IGBC). They are given a 25% subsidy on fixed total capital investment from the Industries and Commerce Department. In Maharashtra, green buildings can get an additional floor area ratio (FAR) of around 7%. The Local-Self Government Department of Kerala offers up to a 20% reduction in property tax and up to a 1% cutback in stamp duty for IGBC-certified properties. Also, the federal government has assigned Rs 19,500 crores in the Union Budget 2022. This is to boost the development of solar modules under its chief production-linked investment (PLI) plan.
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