Sustainable real estate development involves constructing eco-friendly buildings and communities that prioritize environmental sustainability, social equity, and long-term economic development.
It involves utilizing resources efficiently, employing responsible construction and development methods, and incorporating renewable energy sources. Moreover, this type of development takes into account the environmental, economic, and social implications on the surrounding community.
Sustainable real estate development produces several advantages, such as better air quality, decreased energy consumption, heightened renewable energy usage, better water quality, and improved public health. Investing in sustainable real estate development yields benefits for both the environment and financial outcomes.
The COVID-19 pandemic has brought attention to the need to change to a more sustainable way of living so that we can leave the planet in a better condition for future generations. Urban constructions constructed in accordance with ESG principles are becoming increasingly necessary (Environmental, Social & Governance). Major Indian real estate firms like Godrej, Embassy, and Mahindra, to mention a few, have begun making progress towards carbon neutrality.
How can the real estate sector become more sustainable?
The real estate sector has a significant impact on the environment, with construction and operation accounting for a large portion of greenhouse gas emissions and energy consumption.
As a result, the need to become more sustainable has become increasingly urgent. In this blog post, we’ll discuss several ways in which the real estate sector can become more sustainable.
Reduce Wastage:
One of the most effective ways to make the real estate sector more sustainable is to reduce wastage. This can be achieved through several measures, such as using digital tools to reduce paper usage, using prefabricated building materials to reduce construction waste, and minimizing the use of non-renewable resources like plastics and metals.
Recycling and Reusing:
Another way to promote sustainability in the real estate sector is by recycling and reusing materials. Instead of throwing away building materials that are no longer needed, they can be reused or recycled. For instance, old concrete can be crushed and used as aggregate for new construction projects, while old steel can be melted down and repurposed for new building materials.
Using Natural Elements:
Using natural elements such as sunlight, wind, and water can help to reduce the energy consumption of buildings. This can be done by incorporating features like solar panels, natural ventilation systems, and rainwater harvesting systems into building designs. Buildings can also be designed to take advantage of natural light, reducing the need for artificial lighting.
Use Local Sourcing:
A very popular sustainable practice that the real estate sector can adopt is local sourcing. This means using locally sourced materials and labor, which reduces transportation emissions and supports local businesses. By sourcing locally, developers can also reduce the environmental impact associated with the extraction and transportation of materials.
Saving Topsoil:
Saving topsoil is another sustainable practice that the real estate sector can adopt. Topsoil is vital for plant growth, and its loss can result in reduced biodiversity and soil erosion. To save topsoil, developers can implement practices like retaining existing vegetation, planting native species, and using permeable surfaces that allow water to infiltrate the soil.
3 ways to make your project more sustainable:
Use Efficient Lighting: Real estate development can promote sustainability by installing energy-efficient lighting systems, including high-efficiency HVAC systems, LED lighting, and Energy Star-rated appliances. These systems reduce energy consumption and costs, making them attractive to buyers and renters. Many states offer rebates and incentives for energy-efficient upgrades, making them financially beneficial.
Use Green Materials: Using sustainable building materials such as bamboo, recycled steel, and natural finishes like clay and lime helps reduce the environmental impact of real estate development. These materials have a lower carbon footprint than traditional materials and can be cost-effective as well.
Use Renewable Energy: Investing in renewable energy sources like solar, wind, and geothermal power can make real estate development more sustainable. Incorporating natural light through large windows, skylights, and sunscreens reduces the need for artificial lighting. Renewable energy systems reduce reliance on fossil fuels and can be financially beneficial with rebates and incentives from states.
Benefits of using sustainable methods in construction sites.
Minimized Environmental Impact: Sustainable real estate development minimizes environmental harm caused by construction projects by utilizing environmentally friendly building materials, energy-efficient systems, and other sustainable design elements. This leads to lower pollution levels, resource conservation, and improved environmental health.
Lower Operational Expenses: Sustainable real estate development reduces expenses associated with operating and maintaining a building. This encompasses decreased energy and water bills, as well as fewer costs for repairs and maintenance.
Enhanced Marketability: Properties featuring sustainable design elements are more desirable to prospective buyers, tenants, and investors. This increases the marketability of a property and its value.
Improved Resilience: Sustainable real estate development makes properties more resilient to the impacts of climate change. This includes techniques such as storm-water management, green infrastructure, and other measures to safeguard the property against floods, droughts, and other extreme weather events.
Better Quality of Life: Sustainable real estate development contributes to enhancing the quality of life in the surrounding community. This involves increased access to open space, better air quality, and safer, more pedestrian-friendly streets.
Is Indian Real Estate Looking at a Green Future?
Green real estate promotes environmental responsibility and can enhance long-term profitability for the industry. Sustainability is transforming industry and making it more appealing to millennials.
The government also plays an active role in promoting sustainable development. India’s NITI Aayog has set Sustainable Development Goals, and the latest score for 2020-2021 has increased to 66 from 57 in 2018-2019.
The shift towards eco-friendly construction and real estate is beneficial for everyone involved and is driving change within the industry. As residents of a developing country, it is important to implement these practices to enjoy the health and environmental advantages they offer.
