When Prime Minister Narendra Modi announced that India will achieve net-zero emissions by 2070 at the 26th Conference of Parties (COP-26) in Glasgow in 2021, green buildings were still to become a rage among most homebuyers and developers in India.
However, green buildings are an important piece of the puzzle if India wants to reach net zero by 2070.
Three years later, the good news is that that the trend is changing, with Delhi NCR , in particular, experiencing a notable uptick in preference for eco-friendly homes, driven by a growing focus on sustainability and environmental awareness.
The new generation of high-end homeowners encompassing high net individuals (HNIs), NRIs, millennials, young and retired professionals are giving more weightage to spacious green living spaces, where opulence is perfectly intertwined with environmental responsibility. Also, there is realisation among both developers and homebuyers that constructing greener buildings can help in addressing Delhi’s current pollution crisis, and reduce overall carbon footprints.
Simply put, green buildings generate significantly lower greenhouse gas emissions than non-green buildings. According to the World Green Building Council, green buildings use 25% less energy than non-green buildings in the US. A similar comparison holds in India, here they consume 40%-50% less energy.
According to a report by the Indian Green Building Council (IGBC), the green building industry is projected to double by 2025, reaching a market size of USD 50+ billion by 2025.
The green home initiative extends beyond environmental benefits, offering long-term economic advantages for homeowners. They boast of energy-efficient designs, solar panels, smart home automation systems and water conservation measures that not only improve energy efficiency but also enhance the sustainability and appeal of luxury homes.
Key features of luxury green households in India
- Smart thermostats and energy management systems that optimise the cooling requirements based on occupancy, reducing unnecessary energy consumption.
- High-performance insulation, energy-efficient windows (double-glazed glass), and LED lighting help minimise energy loss and lower power usage.
- Solar panels for clean energy
- Energy storage systems, such as batteries, store surplus power for future use.
- Automated shading systems and smart blinds regulate natural light and indoor temperature, further reducing reliance on air conditioning systems.
- Properties also incorporate energy-efficient appliances and air conditioning systems with high SEER (Seasonal Energy Efficiency Ratio) ratings.
- Smart lighting systems, which adjust based on occupancy or daylight availability
- Green Certifications such as LEED (Leadership in Energy and Environmental Design) and BREEAM (Building Research Establishment Environmental Assessment Method) ensure that buildings are designed, constructed, and operated in a responsible and resource-efficient manner.
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Factors contributing to the growing demand
- Green funding: More funding is becoming available for sustainable projects.
- Green premium: Green homes often command a “green premium” with higher rental income and property values.
- Indian Green Building Council (IGBC): The IGBC projects that the green building industry will double by 2025.
- Research and development: The surge in demand for green homes has led to increased research and development efforts in renewable energy technologies and sustainable construction materials.
- Integration of sustainability: To make projects more appealing, developers are increasingly incorporating green building materials, energy-efficient systems, and eco-friendly amenities.
- Market valuation and demand: Properties with green certifications are experiencing higher market valuations and faster sales.
- Long-term responsibility: When it comes to homes, the focus has shifted from short-term luxury to long-term responsible ownership, where functionality, well-being, and environmental harmony are prioritised.
The rapidly growing trend of sustainable luxury homes is redefining the market by combining opulence with eco-conscious practices, ensuring that luxurious living co-exists in harmony with nature. This is the new era of luxury green living—one that’s as luxurious as it is responsible. And it’s here to stay.
