It is estimated that by 2022, the real estate market in India is likely to expand to nearly double. At 10 billion sq. ft., the green building market is likely to strengthen the real estate industry in the years to come. Homeowners from various parts of the country are interested in green living facilities. The reputed developers are focussing on green building, with eco-friendly features for the residents. Increasing levels of awareness, government level and the environmental benefits are the key reasons behind the increasing demand for green homes. By 2022, the green building market in India is estimated to be valued around 35-50 billion. In terms of green homes, India is one of the leading countries of the world. In terms of green technology projects, India stands second, next to the US. Although the initiative is at the initial stage, it is one of the key trends that are likely to drive the real estate industry in the coming years.
In September 2017, more than 4,300 projects based on green technology had been registered. The estimated floor area of these projects is around 4.7 billion sq. ft. The concept of sustaining living by adopting green living facilities has impacted the residents to a great extent. The potential of sales of these buildings is huge. However, according to experts, the green homes make for only 5% of the total upcoming projects in the country. However, the green technology has huge potential for penetration in the real estate industry.
In most of the Indian green buildings, the technologies used are friendly to the environment and the energy-efficient buildings turn out to be economic. These homes come with rainwater harvesting systems, efficient waste management systems in an environment-friendly manner and solar enabled lighting systems in the common areas. Right from the design and construction, the operation and maintenance processes adhere to these green-living principles. The green buildings can enhance the ecological balance to a great extent. Besides, it can cut down the energy consumption by 20% to 30%. These technologies can also reduce the usage of water by 30% to 50%. Extensive recycling can lead to significant waste reduction.
In terms of costs, green buildings cost around 15% more than the conventional buildings. However, these homes bring certain long-term benefits to the homeowners. These include low costs of operation and various health benefits. The growth of green building projects can be increased by improving the affordability to a significant extent, environmental benefits, subsidies and support from the government and improving awareness. This will improve the environment’s ecology to a great extent.
Developing green homes is becoming increasingly necessary, keeping the growing population in mind. The real estate industry is one of the largest consumers of natural resources. Besides, it generates a lot of pollutants and wastes. Around 35% of the energy resources and 25% of the water resources are necessary for these constructions. It also emits 35% of the greenhouse gasses and 40% of the wastes. Therefore, developing green homes is one of the strategic ways of developing a sustainable living environment. The real estate 2020 looks bright in India, with an increasing number of people being interested in these green homes.
