The growth absorbed by the real estate sector over the last decade, is a widely known and acknowledged fact by all sectors of the Indian economy. Construction of residential, retail, commercial and hospitality assets has expanded to all regions of the country and stands to be critically important to the growth of many ancillary sectors in the present day. However, in the present day, a sustainable, inclusive and responsible expansion and development of real estate is of prime concern to the economic experts.
Conserving the nature along with expansion of realty operations has become a prominent challenge for various sections of partakers in real estate. From designing an ecofriendly structure to the use of environmentally sustainable construction material and from managing the project with minimal resources to using renewable energy for habitation is being acknowledged as imperative for a safer future. Rapid urbanization and growing population has soared the demands for investment in construction of infrastructural assets all across the country. Expanding metropolitan regions and explosion of migrating population in these regions has put an impressing burden on the transportation and housing sector in these regions.
Keeping the ecological balance at the top of priorities, a healthy balance of business development and promoting sustainable living is catching up pace in the recent times. The dire need to bring down the carbon emissions has dovetailed the incorporation of smart construction practices and use of innovative concepts in use and transmission of energy. As reported by Indian News and Times, solar energy through photo voltaic panels, radiant cooling, lighter pipe fittings and conservatively planned landscaping is progressively being used in residential and commercial realty operations. Captivatingly, there has been a significant rise in the number of Eco-structures being built in the commercial segment of real estate. Over the last five to seven years, the metro regions in India have recorded an overwhelming rise in the number of buildings being constructed for commercial space. This sector has witnessed the recognition and urgency for developing zero energy consumption assets that can be maintained while putting minimum burden over the non-renewable sources of energy. Integrated power supply which is generated through the solar panels and minimizing the waste of space are another set of practices being adopted in real estate.
Awareness being spread by associations like Green Rating for Integrated Habitat Assessment (GRIHA) and Indian Institute of Interior Designers) IIID is fast gripping ground in the planning divisions of realtors and administrative bodies at regional levels. Exhibitions, campaigns and webinars to propagate the cause of conservation are progressively making a mark all throughout the public and private sector corporations. An approach which targets next 5 to 15 years with planning for maximum utilization of renewable resources available in the present day can minimize the hazardous effects and secure the future of development for real estate in India. A responsible development of real estate is only possible when driven by the thought ecological balance and an inclusive growth for all subsectors of this domain.