Beyond Trendy: How Sustainability is Reshaping Real Estate
We live in a postmodern world where everything once showcased on the silver screen, thought to be the product of a fever dream, is now our reality. The world today is truly at our fingertips, with the Industrial Internet of Things (IIoT), Artificial Intelligence (AI), and Virtual Reality (VR) changing the ways we live irrevocably.
However, progress, as witnessed today, almost always has unforeseen consequences. Over the last century, the relentless march of industrialization, urbanisation, and technological advancements has exacted an indelible toll on the environment. The pursuit of short-term gains over sustainability has led to severe environmental degradation. According to the Global Footprint Network, since 1961, human carbon footprint has increased by a whopping 11 times.
Nowhere is this relationship between progress and environmental degradation more evident than in the erstwhile real estate industry. Projected to contribute approximately 13% to the country’s GDP, the industry and its ancillaries are also responsible for 42% of annual global CO2 emissions. However, the industry is waking up to its environmental responsibility, recognising the need to chart a path towards a more sustainable way of life.
Green Wave Taking Over the Real Estate Industry
The real estate industry is being propelled towards sustainability as a result of both investors and end buyers having an increasing inclination towards projects that adhere to environmental, social, and governance (ESG) goals. This is evident in a study conducted by a leading real estate consultancy, which revealed a 30% supply increase over five years in green-certified buildings across the country. This supply increase underscores a tangible shift in housing preferences in the country, with a survey revealing a whopping 64% of respondents willing to pay significantly more for homes with sustainable features.
Eco-Luxury Homes: The Newest Trend Ruling the Industry
Another interesting trend that has been witnessed in the real estate industry is the surge in demand for eco-luxury homes. Now, before we delve into the intricacies of this shift, let us first briefly understand what eco-luxury homes actually mean.
To put it simply, eco-luxury homes refer to homes that are built to be minimally disruptive to the environment while granting all the indulgences standard for a typical luxury home. Modern home buyers want living spaces that are a blend of functionality, aesthetics, and sustainability. This is where eco-luxury homes come in. Redefining the very meaning of luxury, these sustainable residences include not just extravagances but also high-quality, ethically sourced raw materials, with the intention of providing luxury from the inside out while lowering carbon emissions.
From spacious, well-lit, and ventilated rooms to lush green areas and energy-efficient fixtures, these homes are renowned for crafting living spaces that are good for the health of both residents and the environment. Inspired by the western trend, modern home buyers in India today want homes that provide an elevated living experience and convenience. Features like smart home automation, rainwater harvesting mechanisms, wellness amenities, etc. are now crucial factors influencing their home-buying decisions.
Final Thoughts
The surge in demand and supply of sustainable housing in the Indian real estate landscape spells a future with a resilient and vibrant real estate landscape, one that goes hand-in-hand with environmental sustainability. This surge reflects a maturing market where decisions are informed by both profitability and social responsibility. Looking forward, the trend forecast continues upward momentum in the eco-luxury housing sector, ensuring high yields and long-term profitability for investors.
