Green Home Demand Goes up Throughout India

Green home demand is steadily going up in India and this has been attributed to the increasing consciousness of homebuyers regarding environment-friendly solutions for the future. Many buyers are willing to pay more for sustainable features as per reports. A poll by Square Yards found that 64% of respondents were willing to pay more for these features, keeping future payoffs in mind vis-à-vis today’s investment. These include lower water and energy costs, lower maintenance costs, lower medical bills due to improved quality of life and property tax rebates. 

India Sotheby’s International Realty also conducted its Luxury Outlook Survey 2023, which found how 11% of buyers are driven by sustainable home features while taking purchase decisions. This has grown considerably from 5% last year. Millennials and Gen Y buyers are also keeping these factors in mind, while real estate developers are steadily adapting to the trend. Green-certified buildings have increased by close to 30% over the top Indian cities in the last five years. Developers are also tweaking their strategies to offer personalised spaces to customers with more sustainable features. 

Some of these features include solar rooftops, water and waste management, wind turbines, environment-friendly construction material, EV charging stations, composting and many more. Developers are also choosing sustainable building designs to ensure higher ventilation, air quality and natural light. 

Kanika Gupta Shori, the Founder and Chief Operating Officer (COO) at Square Yards, states that green homes are now popular choices for environment-conscious millennials and other homebuyers, especially due to the technology-based amenities and low carbon footprints of these homes. She also feels that the whole concept of living in an eco-friendly setting with higher sustainability and quality of life is something that is appealing to new-age buyers in Tier-1 cities with higher pollution. 

Shori states that net-zero residences are already becoming a major trend in India. This has not only been observed in the luxury housing segment, but also amongst upper-middle class buyers. She also feels that green-certified buildings will keep rising in the country over the next few years. All in all, green homes are here to stay and developers will have to rapidly adapt to changing consumer preferences, seeing as current supply in the segment is lower than demand.