How green is my building: Demand for sustainable homes, offices is rising

Amid increasing concern for the health of the planet, sustainability is emerging as more than just a trendy buzzword for developers.
 

A report by advisory firm Xynteo released on March 22 sheds light on the shifting landscape. In Tier-I Indian cities, middle-income residents are willing to pay an extra 5-10 per cent for sustainable living, while companies are showing a readiness to invest up to 15 per cent more in green-certified structures.
 

In Mumbai, the number of residents exhibiting a strong preference for sustainability when buying homes, prioritising features like green spaces and indoor air quality, is 70 per cent more than in New Delhi, Ahmedabad, and Hyderabad. However, there’s a gap in awareness, with 88 per cent lacking knowledge about green buildings, finds the report titled “Build Ahead”.
 

In the corporate world, over 85 per cent are opting for green office leases, driven by energy savings and eco-commitments, finds the report. And, 74 per cent are open to paying premiums for buildings with lower emissions — 15 per cent for near-zero emissions and up to 50 per cent for net-zero. 
 

“The survey results challenge the notion that Indian consumers’ demand for sustainable living is insignificant,” says Vipul Kumar, senior partner at Xynteo. “Today, consumers value access to greenery, clean air, reliable materials, and operational savings, all of which green buildings can offer.”
 

Given how significantly the real estate sector contributes to global emissions, Kumar emphasises the need for the industry to urgently adopt green practices.
 

Some developers say they are already on the job.
 

Bengaluru-based Brigade Enterprises highlights its commitment to sustainability, which it says exceeds mandated guidelines. The realtor, which aims for net-zero emissions by 2045, says it incorporates various measures, including renewable energy, tree plantation drives, wastewater recycling, and use of eco-labelled materials, during construction. “Our first green building, Brigade IRV Centre, came up back in 2011,” says Pavitra Shankar, MD of Brigade Enterprises. “We continue to obtain green certifications across all our projects.” 
 

The developer says it currently has over 6.3 million square feet of green-certified buildings in its portfolio with projects such as Brigade Cornerstone Utopia and Brigade Sanctuary.
 

Concorde, another player in the real estate sector, emphasises its SMART philosophy, 
 

an acronym for sustainable living, modern design, amenities-rich, real value and tech-enabled features. Through initiatives like rainwater harvesting, high-reflective materials, and energy-efficient systems, Concorde says it prioritises “environmental stewardship and urban innovation”.
 

“As a policy, all our commercial properties will be biophilic,” says Concorde Director Grishma Reddy. The SMART design philosophy extends to residential development.
 

Mumbai-based realtor IndiaLand Group intends to invest about Rs 700 crore in the sector in the next few years, about Rs 200 crore of which will be this year alone. “Some of these properties will create ample investment opportunities for those seeking to park money in modern real estate, especially in green building projects,” says Harish Fabiani, chairman, IndiaLand Group. 
 

Murali Malayappan, chairman and MD, Shriram Properties, says while incorporating latest sustainability technologies does entail a cost, “we have observed that customers are increasingly willing to invest extra for these advanced features.” With a significant portion of its customer base comprising environmentally conscious millennials, prioritising cutting-edge technologies related to water and power consumption is a key focus for the company. 
 

Such developments, says Vinod Rajpaul, CEO of Gurugram-based Ocus Group, not only align with long-term environmental goals but also tend to yield better returns, making them a prudent investment choice.

The eco-friendly way

• The sustainable initiatives that developers are introducing include low-flow fixtures, triple plumbing to optimise water usage, real-time monitoring with smart meters, solar panels, smart electrical systems, and biodiversity.

• Other green-building features include treated sewage water, dual flush closets, and sensor-based faucets. Realtors are also prioritising indigenous flora, incorporating green spaces into architecture, and using energy-efficient glass.