New Age Green Star Homes

Ecologically accountable and resource-efficient buildings are currently becoming an essential part and future of the construction and real estate industry in India; in such a scenario, Green Star Homes are set to change the Real Estate residential and commercial developments, observes Apurva Gupta, Chief Marketing Officer, Rivali Park CCI Project

We live in a world where we tend to breathe polluted air, use fast-depleting natural resources, and face the threat of climate fluctuation. These are no longer cautionary signs but stark reality. On the positive side, there is growing awareness with energy-efficient eco-friendly green homes and commercial structures becoming the buzzword amongst buyers and investors. In fact, there has been a mounting number of home investors who are keen on investing in eco-conscious homes.
Apurva Gupta
The benefits of Green Star Homes present an exceptional prospect for the realty sector as developers will feel encouraged to take stock, strategize, and take up the challenges and opportunities for designing homes that comply with green standards and sustainable ratings

Apurva Gupta

Real Estate developers and builders have been paying close attention to this demand for green homes and ecologically sustainable buildings. They are comprehending the significance and connection between environment-friendly properties, cost savings, and a healthy and restored living. With the residential market in India gradually embracing sustainability, there are promising indications that we are on the verge of a modification; this is clearly evident through the optimistic reception of the fast-emerging concept of Green Star Homes in India.

Rivali ParkRivali Park by CCI Projects is a 22-acre environmentally friendly development situated near the Borivali National Park. It has more than 65% open spaces on the podium designed by Gensler GA and is LEED registered and IGBC certified with earthquake resistant zone III
The aspect of sustainability in the Real Estate context is not only confined to energy conservation but also encompasses the utilization of capitals, bearing on the surrounding environment, and living conditions for the residents. Green buildings integrate ecological features like efficient water and energy usage, use of renewable energy, preference for recyclable materials, landscaping, and building management.

The on-going Covid-19 pandemic has underlined the advantages of living in safe, healthy, and resilient homes. Green housing will generate less waste and bestow the inhabitants with a recovered living environment. Moreover, studies conducted on the health and wellness quotient of living in green homes has revealed that respiratory issues tend to drop in green buildings.

Sustainable buildings account for only 2% of new constructions in India. The country‘s emerging housing and construction segment is one of the chief contributors to carbon emissions, which accounts for about 22% of India’s over-all annual carbon emissions. While the building construction accounts for up to 40% of the total energy consumption in India, the housing segment is known to account for over 60% of it. The biggest advantage of green star homes is that they come equipped with Zero Net Carbon inclusions.

Advantages of Green Housing
Certified green buildings typically lead to energy savings of about 40-50% and water savings of about 20-30% as compared to traditional buildings. There is an increasing effort to build homes consciously so that they are better for the environment, inexpensive to operate, and more comfortable. The developer makes a mindful effort to utilize materials that are energy-efficient and thereby give more value to the buyer while contributing towards conservation of natural resources.

The ‘conscious’ home uses eco-friendly resources, recycles wastewater and other natural materials, produces no pollution, encourages composting, manages heat control through proper insulation methods, lays emphasis on landscaping and greenery, and uses locally produced building materials. All these aspects make a green home a feasible and cost-effective sustainable solution.

Green Star Homes lead to augmented revenue for both the end-users and the developers. The additional LEED certification cost is about 2-5% of the overall cost of the building. A developer can charge a premium for the ‘Green Building’ certification and the consumer will, in turn, have amplified resale value and higher rental yields, thus benefitting both the parties. Although the preliminary expenses for a green star home is slightly higher, but going forward, it will turn out to be cost-effective as the buyer’s upkeep charges on water and electricity are significantly reduced.

Challenges for Developers
There is extra cost of construction, price restrictions, trouble in sourcing eco-friendly, recyclable materials for construction and a long gestation period.
  • Buyers are hesitant to pay a premium for green buildings.
  • Absence of demand and lack of awareness among buyers makes developers hesitant while investing in this segment of homes.
  • There is a dire need to convince buyers that the total cost of ownership, together with the maintenance cost over the property life cycle, will bring them noteworthy savings in the long run.
India, which has been experiencing record-breaking development and urbanization with over 900 million new urban residents expected by the year 2050, faces substantial challenges: speedy development of the essential infrastructure while lessening the environmental impact of such development. Since it is judicious to safeguard the environment and preserve the natural resources, Green Star Homes have become the need of the hour.
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