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Indian Real Estate News : Chennai
Real estate developers beginning to see green bucks in eco-friendly units
Source: The Economic Times Nov 14, 2013
Sustainability initiatives are making ground around the world, and real estate developers are also finding business value and opportunities from green building, including environmentally friendly solar solutions. According to a study by World Green Council in over 60 countries, firms are shifting business toward green building, with 51 percent respondents planning more than 60 percent of their work to be green by 2015.

In developing nations like India, where resources are very few and needs are sky-high, these concerns gain more relevance. Real estate projects collating with alternate sources of energy can go a long way in stemming problem of depleting resources.

Growing and developing our country in an efficient, cleaner and greener way by utilising fewer resources, generating less waste, reducing pollution and preserving greenery are the only solutions to enjoy both economic growth and a good living environment for ourselves, and our future generations. While there has been a surge in commercial and residential construction projects across India, there is still a huge, untapped potential for combining energy concerns with real estate.

In India, the understanding that solar energy is a real practical solution to our problems and not an idealistic one is still developing. The Jawaharlal Nehru Solar Mission has acted as a huge impetus for Solar Energy utilisation in the country and this powerful resource is certainly set to take centre stage in all technological arenas for a long time to come.

Looking at the current scenario, real estate developers are keen to opt for green initiatives. There is now a deep penetration of the knowledge regarding the benefits of such green initiatives and also greater support in terms of the government policies.

Improved affordability due to a fall in PV module costs is another major factor fuelling the momentum. Developers have begun to opt for PV Solar Projects due to several reasons. The most significant ones include:

Ever-increasing price of grids Availability of rooftop spaces excellent subsidies and incentives for captive projects Long and maintenance-free life of installation.

Solar water heating is one of the most economically attractive applications of solar energy and widely used throughout world. In India, cities like Bangalore, Pune & Surat have made installation of solar water heaters in new buildings mandatory. National Solar Mission proposes to make it compulsory for hospitals, guest houses, hotels and nursing homes to install solar water heaters for a minimum plot area of 500 sqmt.The Renewable Energy Law which was passed recently will further encourage developers to provide solar and other clean sources of energy in new homes. Besides reducing construction costs, such projects are indispensable in maintaining a healthy and natural environment and are therefore likely to draw more customers in the long run.

If solar electric power is to become an important source of energy in future, solar power industry and the real estate industry need to work together.

Vigorous efforts in creating awareness during the past two decades are now bearing fruit as people are more aware of the benefits of renewable energy and are looking for ways to integrate these in their lives.

More and more builders are constructing homes that are engineered in a way to tap solar power to meet a major share of the daily power requirements. Small steps like this will not only reduce reliance on conventional sources of energy but also lead to sweeping changes in the way real estate and solar energy synergise.

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