Bhavik Bhandari, CSMO, Ashwin Sheth Group
Thane has emerged as a focal point for Mumbai’s real estate boom in recent decades. A strategic location, a wide range of amenities and services, significant infrastructure development, and property value appreciation are some of the factors that have made the satellite city a dream destination for homebuyers and investors alike. Moreover, another significant feature of Thane’s ascendant real estate domain has been the increasing availability of sustainable living spaces.
According to the World Economic Forum, approximately 40% of worldwide carbon emissions are attributed to the real estate sector, with the construction industry responsible for 37% of CO2 emissions and embodied CO2 emissions. Consequently, sustainability has emerged as a pivotal issue within the real estate domain, prompting developers to proactively respond to the heightened consumer interest in eco-friendly living alternatives.
Understanding sustainable real estate
Sustainable real estate is characterized by developments that are designed, constructed, and operated with an emphasis on reducing adverse environmental impact. These properties prioritize water conservation, energy efficiency, waste reduction, and leveraging renewable energy sources. Green buildings, which integrate environmentally friendly materials and techniques into their construction, represent a vital aspect of sustainable real estate. However, the concept extends beyond individual structures to encompass entire communities and neighbourhoods that are planned with sustainability principles at their core.
Integration of advanced insulation techniques, rainwater harvesting systems, and solar panels enable reduced energy consumption and carbon emissions in green buildings. Smart home automation systems and energy-efficient appliances further contribute to optimised power usage, in addition to maximising convenience. Effective ventilation, natural lighting, and the use of non-toxic materials serve to create a healthier indoor environment. The availability of green spaces, such as gardens and parks, and infrastructure supporting alternative modes of transportation such as walking or cycling, markedly enhance physical and mental wellbeing. Infrastructure supporting clean mobility, such as charging stations for electric vehicles, gives an added impetus to sustainability.
A prudent investment
In addition to being immensely valuable from a health and environmental perspective, sustainable real estate provides significant benefits from an investment standpoint as well. Green buildings command higher property values, and show significant value appreciation over time, making them highly appealing to the discerning homebuyer or investor. The implementation of more stringent sustainability standards and building codes by regulatory authorities across the board also makes sustainable real estate a safer bet for investors. Moreover, lower operating costs due to energy-efficient design and systems also pay rich dividends to investors. Reduced energy bills are a further financial benefit for homeowners and tenants.
Looking Ahead
Thane is privileged to boast an abundance of green spaces, encompassing scenic hills, numerous parks, promenades, and more than 35 water bodies. The growth of sustainable real estate projects in the city perfectly complements this rich natural environment, making it ideal for homebuyers. Widespread adoption throughout the industry promises significant benefits for developers, investors, homeowners, and the environment. Although the initial expenses associated with constructing green buildings or upgrading existing structures to enhance environmental friendliness may pose a challenge, the long-term cost savings and competitive edge offered by sustainable real estate projects make them an attractive prospect for developers.
Amidst heightened consumer consciousness around environmental issues, as well as greater prioritization of ESG principles by investors and lenders, a consistent focus on sustainable real estate paves the way for a bold new paradigm in the sector.
