The real estate sector is witnessing a significant transformation towards sustainability, propelled by a growing awareness and demand for green homes. This shift is not just a trend but a response to the urgent need for environmental conservation and sustainable living practices. Aakash India, a leading real estate developer in Jamshedpur, is at the forefront of this movement with its IGBC-certified projects, Aakash Riviera setting a benchmark for eco-friendly development.

The Rising Demand for Green Homes

Recent insights from Knight Frank’s Global Buyer’s Survey underline the increasing preference for green housing projects. A striking 84% of homebuyers recognize the importance of energy efficiency in homes, with an equal split considering it ‘very important’ and ‘important’. This shift in buyer preference underscores a critical market trend—sustainability is now a key determinant in the decision-making process for purchasing homes.

Debunking the Cost Myth

The perception that green homes come with a hefty price tag is rapidly diminishing. Studies reveal that the project cost of green homes is only about 1% higher than that of traditional buildings, a minor increase when compared to the substantial savings they offer. Homebuyers investing in green buildings can enjoy a significant reduction in water and energy bills, saving approximately 30-40%. This cost-effectiveness, coupled with the environmental benefits, makes green homes an attractive investment.

Industry Voices and Commitments

Leaders in the real estate sector, such as Manoj Gaur, President of CREDAI NCR, emphasize the industry’s commitment to the green building ecosystem. CREDAI’s pledge to achieve net zero targets by 2050 and reduce the carbon footprint by 25% before 2030 reflects a collective endeavour to promote eco-friendly projects. The shift in homebuyer preferences towards sustainable and energy-efficient housing underscores the changing dynamics in the real estate market.

The Tangible Benefits of IGBC Certification

Living in an IGBC-certified residential project comes with undeniable advantages. Residents can enjoy cost reductions of 20-30% in energy and electricity usage, alongside a 30-50% decrease in water wastage through recycled water use. These projects also contribute to less construction-based pollution, significantly enhancing the quality of life and sustainability of the housing project.

Aakash India’s Pioneering Project

Aakash India’s commitment to sustainability is exemplified in its projects, Aakash Riviera. This development is not only designed to meet the IGBC certification criteria but also to align with the evolving preferences of homebuyers seeking eco-friendly living spaces. By incorporating energy-efficient designs and sustainable construction practices, Aakash India is not just building homes; it’s fostering a greener, more sustainable future.

The remarkable 37% leap in housing loans in FY24, amassing a striking 5.4 lakh crore, is indicative of the upswing from nationwide. Real estate is something that Jamshedpur, Jharkhand, is capitalizing on most robustly.

Economic Growth in Jharkhand and Leverage for Jamshedpur: The contribution of manufacturing, mining, and services to the sectoral growth of the Jharkhand state economy adds to a good economic environment, which would be conducive for development in real estate. Major investments are further strengthening this landscape, such as Dalmia Cement’s commitment to ₹500 crore which will lay a solid base for growth in real estate. Jamshedpur is the industrial vanguard of Jharkhand, having vast and solid industrial base steel manufacturing-led, currently highlighted by the ₹3,000 crore expansion of Tata Steel, and other manufacturing industries. It is matched with an ever-increasing service sector, painting Jamshedpur as a holistic economic beacon.

Impact on Real Estate Residential Sector: It has led to a remarkable complete facelift of the residential landscape in Jharkhand due to increased urbanization of the cities like Jamshedpur and rising disposable incomes. This has been marked by a year-on-year property price growth estimated at 15-20% in the prime locales alongside the cultivation area under kharif crops, which in 2021-22 stood at 2,536.28 thousand hectares, pointing toward the parallel growth of rural real estate opportunities.

Growth in Commercial Sector: Both the industrial and service sectors are booming in Jamshedpur and there exists a thriving commercial market that continually makes demands for office space, shopping and retail centres, and warehouses. This demand is supported by the fact that the state has taken up strategic infrastructure development of the state, which includes ₹4,018 crore towards road and bridge works and 14 highway projects worth ₹670 crore, which are expected to see rental yield growth of 10-12%. Urban development projects, namely the ₹84 crore projects in Ranchi and the Asian Development Bank’s ₹831 crore investment into water facilities, will significantly develop Jharkhand’s urban fabric.

Aakash India’s role in the acceleration of this growth: Jamshedpur is now carved to establish Aakash India as the thought leader in this realm—one that marries quality with innovation and translates the combination into value for the homebuyers of Jamshedpur. The projects are community resonance and partake in the future of urban living in a city with its heritage of industrial growth while adapting to modern infrastructural advancements.