Government policy to move the real estate sector towards sustainable development – Money News

The Indian real estate sector represents a landmark step towards environmental sustainability and is poised for a significant transformation driven by ambitious government policies to achieve net zero carbon emissions by 2047. The latest initiatives highlight a significant shift towards green growth, in line with global sustainability goals and signaling a new era of urban development in the country.

Under the leadership of Prime Minister Narendra Modi, who recently began his third term, the government reaffirmed its commitment to sustainable development. This commitment is particularly evident in the real estate sector, where policies are being developed to incorporate environmentally friendly practices into construction and urban planning strategies.

Commenting on the government’s proactive stance, Avneesh Sood, Director, Eros Group, said: “The government’s emphasis on sustainability through policies such as the Energy Conservation Building Code (ECBC) and Ecological Assessment for Integrated Habitat Assessment (GRIHA) is playing a pivotal role in shaping a greener real estate future in India“

The adoption of green building practices became the cornerstone of these efforts. Government policies have laid the foundation for the integration of green practices in residential, commercial and institutional projects. Initiatives such as ECBC and GRIHA provide a solid framework that mandates energy efficiency standards and promotes sustainable building materials.

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“The effectiveness of these policies can be seen in measurable reductions in energy use, water use and greenhouse gas emissions across building types,” Sood noted, highlighting the measurable impact of this regulatory framework on the ground.

However, the path to achieving net zero carbon emissions by 2047 is not without challenges. From an economic point of view, the up-front costs associated with implementing green technologies constitute a significant barrier for developers, despite the long-term savings and environmental benefits. From a technological perspective, adapting global green building innovations to local conditions requires extensive research and development, which slows widespread implementation.

“There is a need for continued support from the government in the form of financial incentives and technological innovation to address these challenges,” Sood stressed, emphasizing the importance of continued efforts to steer the sector towards sustainable development.

Government initiatives such as grants, subsidies and taxes Benefits under schemes like Pradhan Mantri Awas Yojana (PMAY) Urban are crucial in encouraging developers to adopt green building principles. These financial incentives not only promote energy-efficient projects, but also support the integration of renewable energy solutions into building infrastructure.

Additionally, policy improvements to strengthen existing frameworks and introduce new regulations are on the horizon. Future policies are expected to include more stringent energy efficiency standards, mandates for carbon neutral building practices, and increased incentives for renewable energy. These activities are aimed not only at mitigating environmental impacts, but also at stimulating innovation in the real estate sector.

Collaboration between stakeholders was identified as key to achieving these ambitious goals. Public-private partnerships (PPPs) are seen as key to mobilizing investment in green infrastructure and supporting a competitive market for sustainable development. Civil society participation is equally important as it advocates for inclusive policies that prioritize community well-being and environmental justice.

“The transition to net zero carbon emissions creates an opportunity to link economic growth with environmental sustainability,” Sood said, adding: “It is imperative that industry leaders and citizens alike to unite in these efforts, advocating for policies that ensure resilience and sustainability in our built environment.”