Air pollution hotspots: The effect on property values in Indian cities

financialexpress.com:

– By Pankaj Narang

In the dynamic landscape of India’s real estate sector, a discernible shift in property preferences has emerged, driven by the escalating pollution levels in urban centers. This paradigm change has been further intensified by the global pandemic, redefining what customers value in their homes. As we delve into the intricate details of this transformative trend, it becomes evident that the traditional factors influencing property choices are being overshadowed by a newfound emphasis on well-being, cleaner air, and a healthier lifestyle. 

The onset of the COVID-19 pandemic has prompted a profound reevaluation of priorities for Indian homebuyers. The once steadfast focus on location, proximity to workplaces, and standard amenities has evolved to encompass considerations of environmental quality. This is particularly pronounced in major cities where pollution levels have reached alarming heights, raising serious health concerns. Against this backdrop, the demand for residences that offer a respite from the urban pollution quagmire has gained substantial momentum. 

Property prices, especially for homes under 1 crore within city limits, have witnessed a relative stagnation in recent years. Though the modern Indian customer has become choosy. He is only willing to embrace projects laden with green covers and wellness facilities. A healthy lifestyle in one’s home is substituting with city living which had previously been characterized by the allure of luxury. 

However, it is more of an issue of healthy living; it goes beyond mere aesthetics of self-preference. Nowadays home buyers try to evaluate the environmental effects of their house selection. The ripple effect of this change is palpable in the emergence