June 20, 2024 |
Green Buildings Market in India to Reach $39 Billion by 2025
The smart homes market in India is projected to grow by 9.14% from 2024 to 2028, reaching a market volume of USD 9.2 billion. This growth is attributed to the increasing integration of Internet of Things (IoT) devices in homes, which enhance security, energy efficiency, and convenience.
Startups specializing in smart home solutions are expected to see substantial growth during this period, according to a joint report by by Resurgent India and NAREDCO.
Additionally, the green buildings market in India is set to rise significantly, contributing USD 39 billion (Rs 3.2 lakh crore) by 2025. This trend reflects the growing emphasis on sustainable construction, with green buildings becoming a larger share of new developments.
According to the report, the commercial segment of green buildings in India is expected to generate a market worth USD 11 billion, while the residential segment is projected to reach USD 28 billion, together totaling USD 39 billion by next year.
“With the increasing focus on sustainability, PropTech startups offering eco-friendly and energy-efficient solutions are gaining traction in India’s real estate market. These startups are leveraging IoT and artificial intelligence (AI) to optimize energy management systems, reduce consumption, and improve overall building efficiency,” said Ananta Singh Raghuvanshi, President of NAREDCO Mahi an arm of Realty body NAREDCO.
The report also highlights the rise of PropTech startups, which refers to the innovative use of technology in the real estate sector. These startups are utilizing advancements such as artificial intelligence, blockchain technology, big data, and IoT to revolutionize the buying, selling, renting, and management of properties.
“With the urban population expected to reach 600 million by 2031, the demand for smart city solutions and advanced real estate technologies will continue to grow, driving significant innovation and growth in the industry,” said G Hari Babu, President, Naredco.
The benefits of green constructions extend beyond environmental sustainability to economic savings and enhanced well-being. With energy costs reduced by 20-30% and water consumption decreased by 30-50%.
“The decision to extend green building certifications to homes in the NCR reflects a growing awareness of environmental issues and the importance of sustainable living. It presents an exciting opportunity for developers to align their projects with eco-conscious consumers’ preferences,” said Pankaj Pal, Managing Director, Whiteland Corporation.
By prioritizing environmental sustainability, developers in the NCR are redefining urban living and setting new standards for green construction practices.
“Green housing is more than just a trend; it’s a vital step towards a healthier, more sustainable future. These homes are designed to provide not only comfortable living spaces but also contribute to a cleaner environment,” said Lalit Kumar Aggarwal, Co-founder & Vice-Chairman, Signature Global (India) Ltd.
Santosh Agarwal, Executive Director and CFO, Alphacorp said, “Amidst the global shift towards environmental consciousness, sustainable development transforms modern real estate. From design to execution, we prioritize minimizing our footprint and enhancing community welfare. Partnering with the Indian Green Building Council, we set new eco-friendly standards”.
Innovative practices by developers include wastewater repurposing, rainwater harvesting, and energy-efficient infrastructure with motion sensors and EV charging. Waste management and smart lighting further reduce our ecological impact.
“The increasing focus on green buildings by developers highlights a significant shift towards sustainable increasing focus on green buildings by developers highlights a significant shift towards sustainable construction practices. Moreover, driven by both regulatory incentives and market demands, developers are integrating energy-efficient designs, renewable energy sources, and sustainable materials into new and existing buildings,” said a spokesperson for Brahma Group.
Source : ET
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