World Environment Day 2024: the real estate sector’s shift towards sustainability – Money News

Today marks World Environment Day 2024, putting the spotlight on how various industries are adapting to meet environmental challenges. One sector undergoing significant transformation is real estate, where sustainability is increasingly becoming a core focus. Architects and developers are integrating environmentally friendly practices into their designs, ensuring that new buildings are both environmentally responsible and economically viable.

The growing trend of sustainable real estate

The shift towards sustainability in real estate is driven by the urgent need to tackle climate change, resource depletion and the overall environmental impact of construction. Sustainable construction practices include the use of energy-efficient systems, water-saving technologies and environmentally friendly materials. These practices not only help reduce the carbon footprint of buildings, but also increase their long-term viability and appeal to environmentally conscious investors and customers.

Sustainability practices in real estate

Real estate developers are increasingly pursuing green building certifications such as those from the Indian Green Building Council (IGBC), which range from Silver to Platinum levels. These certifications serve as a benchmark for sustainability and indicate that a building meets strict environmental standards. Energy efficiency is a key focus, utilizing advanced systems designed to reduce energy consumption, such as high-performance HVAC (heating, ventilation and air conditioning) systems and LED lighting. Water conservation measures are also becoming standard, including dual plumbing systems that reuse water for non-potable purposes and low-flow fixtures that reduce water use without compromising performance.

In addition, the use of sustainable materials with minimal impact on the environment is gaining momentum. Developers are also prioritizing community engagement and social sustainability by incorporating amenities such as community gardens, cycle paths and electric vehicle charging points into their projects. These properties not only improve the quality of life for residents, but also promotes a culture of environmental stewardship.

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Challenges and opportunities

While the shift to sustainability brings numerous benefits, it also brings challenges. The initial costs of implementing green technologies can be high, which may deter some developers. However, the long-term benefits, including lower operating costs and higher property values, often outweigh these initial costs. Furthermore, as regulatory pressure increases and environmental awareness grows, the demand for sustainable buildings is expected to increase.

The role of technology

Technology plays a crucial role in promoting sustainable real estate. Innovations in building materials, energy systems and water management make it easier for developers to meet sustainability standards. Smart building technologies, which optimize energy consumption and improve indoor air quality, are also becoming more common and contribute to a healthier and more efficient living environment.

Commenting the same, Amar Sarin, MD and CEO of TARC, said Limited: “At TARC, sustainability is embedded in our DNA. For example, one of our projects, TARC Tripundra, includes advanced energy efficient systems and solar panels, and TARC Kailasa, which is pursuing IGBC Platinum certification, integrates more than 100 sustainability parameters. We believe that real estate development should not only meet the needs of today, but also ensure a better future for future generations.”

As the real estate sector continues to develop, the focus on sustainability is becoming increasingly pronounced. Developers are increasingly recognizing the importance of building environmentally responsible and resilient structures. By integrating sustainable practices, the real estate industry can can play an important role in tackling global environmental challenges and promoting a greener future.