Govt policies to drive realty sector towards sustainability

financialexpress.com:

In a landmark move towards environmental sustainability, India’s real estate sector is poised for a significant transformation driven by ambitious government policies aimed at achieving net-zero carbon emissions by 2047. The latest initiatives underscore a vital shift towards green growth, aligning with global sustainability goals and signaling a new era for urban development in the country.

Under the leadership of Prime Minister Narendra Modi, who recently commenced his third term in office, the government has reaffirmed its commitment to sustainable development. This commitment is particularly evident in the real estate sector, where policies are being crafted to integrate environmentally-responsible practices into construction and urban planning strategies.

Commenting on the government’s proactive stance, Avneesh Sood, Director of Eros Group, said, “The government’s emphasis on sustainability through policies like the Energy Conservation Building Code (ECBC) and the Green Rating for Integrated Habitat Assessment (GRIHA) is instrumental in shaping a greener future for real estate in India.”

The adoption of green building practices has emerged as a cornerstone of these efforts. Government policies have laid the groundwork for integrating environmentally-conscious practices across residential, commercial, and institutional projects. Initiatives such as ECBC and GRIHA provide robust frameworks that mandate energy efficiency standards and promote sustainable building materials.

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“The effectiveness of these policies can be seen in tangible reductions in energy consumption, water usage, and carbon emissions across various building types,” noted Sood,