The green building in India could become the new normal, according to recent property news, which could impact the India housing market.
In an effort to mitigate climate change and encourage environmental-friendly changes across India, financial incentives are being offered for green residential units.
Home buyers in India could soon qualify for cheaper loan interest rates and low registration fees, as long as the property is energy efficient and working towards improving climate change.
A lot of properties will be able to refurbish and retrofit their residential property to make it eligible for similar financial incentives, too. This will greatly improve the India housing market and impact the success criteria for the housing market in India.
Many conversations are still underway in the Asian property realm, but at the moment the situation is looking promising and strong.
The minister for power, coal and renewable energy, Piyush Goyal, is set to speak up shortly on a variation of financial incentives.
Helping to work with the earth rather than working against it is a really fantastic move – not only for the country – but for the entire economic state as well. Equally, India can expect their reputation to soar in a great way too, as a lot of investors and buyers in a property will recognise the positive changes the country is trying to make.
Green buildings in the Philippines are set to flourish even more this year too, and undoubtedly across many other countries in Asia. It is a new trend that is encouraging people to look after the planet. Home buyers in India are opting for ‘green options’, for sustainability and to look after our planet.
Power consumption has soared in India too, with a record high of 7.1% growth rate between 2017 and 2022, per the Central Electricity Authority. Energy efficient products in India represent a market potential of INR1.6 Lakh crore ($25 billion), according to the world bank, so this is helping to enhance the energy-efficient ethos across India too.
Will the rest of the world latch on to this mind-frame? Will investors, buyers and sellers grow even fonder of ‘keeping green’ – not just in the property market but all-around too?
Written by Gemma Smith