The global sustainability movement has picked up significant momentum over the last few years. Businesses – including those in the real estate space – are feeling the pressure to respond to new demands from stakeholders – investors, authorities and patrons – aimed at halting the planet’s inexorable slide towards a potential climate catastrophe. As priorities evolve, longstanding definitions in real estate are undergoing a subtle transformation. One such, is the concept of luxury living.
Luxury is usually synonymous with ‘more’, but is increasingly beginning to signify ‘less and less’. Less consumption and less wastage are emerging as the pillars of an aspirational lifestyle. Excess and extravagance – traditional buzzwords in luxury – now have to live under the same roof with contemporary catchwords like carbon neutrality and environmental responsibility.
LUXURY HAS A NEW COLOR : GREEN
Green buildings that support nature-first lifestyles are known to cut down energy and water consumption by up to 30% and 50% respectively. The term is evolving beyond recyclable materials or the random solar panel to encompass a more holistic and connected mindset involving state of the art green technologies. Green tech and green processes, the foundational framework, sport the following common characteristics :
- Prioritization of the principles of Circularity : Reducing, Reusing, Recycling – with smart processes like the spare application of raw materials, rainwater harvesting, tree relocation programs, organic waste management and a conservation approach.
- The use of environmental friendly substances and locally sourced materials.
- Implementation of steps like efficient H-VAC systems, advanced insulation, high-performance windows and others.
- Endorsing of sustainable architectural planning, material efficiency and energy-efficient design.
- Strategic embrace of new and renewable sources of energy like solar, wind, hydro and biomass.
WHO’S DRIVING THE CHANGE?
At the heart of this new reality is a ‘conscious Gen Next’ : As per an EY survey, 65% of Gen X and Millennial respondents are open to making lifestyle changes to address climate change, while Gen Z and Gen Alpha carry deep awareness about issues related to sustainability.
With rising concerns about the effect of their choices on the future of the world, the new luxury consumer is actively seeking out brands that echo with their own sentiments, and products that help lessen their ecological footprint. Increase in income levels, along with extensive travel & exposure to the latest living trends globally – is fuelling the transition and bringing the two terms sustainability and luxury closer than ever. There is a growing realization amongst customers that the two concepts can coexist. Indeed, they must : climate sensitivity is no longer perceived as a ‘good to have’ but a crucial consideration for purchasers of luxury abodes.
The upshot of these developments is that demand for a new league of ‘eco-first luxury’ addresses is experiencing a robust uptick. Indian Green Building Council (IGBC) reports suggest a substantial growth in green building projects in India. Corporates houses have stepped into the ring too and, per industry advisories, are willing to shelling out more than 15% premium for green-certified buildings.
REAL ESTATE RESPONDS
On cue, architects, engineers and developers are responding with innovation-rich, eco-intelligent projects that blend luxury with nature friendliness. These new habitats sport some common ‘throughline’ features such as smart technology adoption, connected device synergy (IoT), real time monitoring and tracking, data driven analysis and control, and automated processes.
From energy shortage to skyrocketing mercury levels to ill-health, tech enabled green living systems are the answer to a host of modern maladies. Their advantages, however, extend well beyond just sustainability.
Home owners, for instance, enjoy benefits like enhanced physical and mental well-being, expense minimization (thanks to responsible consumption, reduced wastage and lower operational & maintenance costs that translate into pocket-friendly tariff and rates) as well as higher rentals and resell value of their house or property.
Real estate players, on their part, stand to gain equally by charging a premium on green innovations. Additionally, green projects enjoy tax subsidies, benefits and expedited approvals. Finally, eco-friendly offerings help builders nurture the right reputation and resonance with customers and markets, leading to a future-facing luxury real estate brand.
Pushing this movement forward is a supportive regulatory framework : The Indian state is aggressively encouraging sustainable development through initiatives like the Green Rating for Integrated Habitat Assessment (GRIHA), Leadership in Energy and Environmental Design (LEED) by USGBC and the nation’s ambitious Smart City Mission.
When it comes to luxury, GREEN IS IN.
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As a significant contributor to environmental pollution and carbon emissions globally, the real estate sector carries a special onus to contribute towards reversing the damage and rallying efforts towards a net zero future. With a responsible layer of green, now, it can.
RADIUS AND XENIUS : AT THE EDGE OF THE GREEN REVOLUTION
At Radius Synergies International, we are vociferous champions of an eco-friendly future. Our smart metering solutions – spanning prepaid electricity meters, DG backup monitoring systems and smart water-lighting-solar management – act as a backbone for green buildings by enabling controlled consumption, consistent savings and intelligent conservation. For real estate builders, facility providers and RWA’s, they allow frictionless integration of data driven processes that smoothen operations and maintenance, minimizing leakage and outage and enhance the living standards and satisfaction of buyers and residents.
To find out how you can add a dash of green to your next luxury project green with our energy efficient solutions, write in today at info@radius.co.in
DISCLAIMER
Observations and options expressed in the article (except where specifically validated by market numbers and stats) belong to the contributing writer of the article, and are not necessarily indicative of the company’s position and stance in the matter.
