What are green buildings, and why should we make them a crucial part of real estate?
The green phenomenon dominates several sectors– fashion, automobiles, and even food. Its growing influence on the real estate industry is unmissable, with an increased number of stakeholders taking notice and implementing eco-friendly strategies in their projects.
So, what is a green building?
Green building is a method of construction of any building, be it a housing complex, corporate park, school, mall, etc., that uses eco-friendly and sustainable methods in its production. Green building not only negates the harmful effects of construction on climate change and the environment but helps conserve natural resources, thus creating a positive impact. Moreover, these green practices are not limited to construction but continue even after the building has been completed and used.
The Founder and CEO of Edstate, Mayank Agarwal, sheds light on the Green Building concept and its impact on Indian real estate.
How do green buildings manage to be so green?
Green buildings make the least use of artificial light, water, and energy to achieve maximum efficiency. They are designed in such a way that a majority of the building receives natural light. The water too is used by incorporating a rainwater harvesting system to minimize wastage. The electrical energy is derived from solar panels installed on roofs to not waste power. Even the materials used during construction are non-toxic and easily disposable.
Other more specific ways to incorporate green methods in real estate are insulated walls and double-glazed windows that prevent extra heat from entering the building, reducing the need for air conditioning. Other complexes even use electric vehicles within their premises to reduce their carbon footprint. Establishing committees or authorities that ensure proper waste management is also crucial.
All of this is done by giving the utmost preference to the living standards and comforts of the residents or people in the building. In no way do green buildings recommend disrupting the high standard of living in their establishments.
But why go green? How is it benefitting us?
Green building has many benefits, but perhaps the most attractive one is its cost-saving benefit. The Jawaharlal Nehru Bhawan, in New Delhi, for example, conserves 30 percent of its air conditioning requirement during the summers because of its insulated walls. The insulation boards fitted on the walls help trap the heat and effectively bring down electricity costs during this extremely hot period, where electricity charges tend to skyrocket. Green buildings, when maintained and looked after well, eventually generate their own power, which can bring down costs significantly.
Apart from this, using less water and causing less pollution also has far-reaching environmental benefits. In the United States alone, green buildings have been shown to use 25 percent less energy and 11 percent less water than traditional buildings. In India, on the other hand, savings are much more. Buildings certified by the Indian Green Building Council save 40-50 percent of energy and 20-30 percent of water compared to conventional buildings. All of these green measures also improve indoor air quality, which positively affects the health of all the people inside.
Many green complexes even end up harboring vast acres of greenery in the form of trees, shrubs, and grass, which end up becoming home to a rich variety of biodiversity.
Research also suggests that working in a green building improves productivity and morale, where workers find themselves more cognitively charged and active.
Where does green building stand in India?
In 2021, India had a total of 146 LEED (Leadership in Energy and Environmental Design) certified green buildings, making it one of the world's most promising leaders in this sector. India stood third on the United States Green Building Council (USGBC) List, representing almost 2.8 million gross area square meters of space.
Considering India's standards and the number of corporate, professionally developed buildings it has, this number has a lot of potential to grow. 40 per cent of India's total energy is consumed by buildings. If we succeed in reducing this number, we will be able to give an unprecedented boost to our climate action plan as well, where India has pledged to achieve net-zero emissions by 2070.
