Green Buildings and Their Impact on Real Estate in Bengaluru

Both developers and homebuyers are turning to eco homes as more and more citizens become aware of environmental issues and climate change. Bengaluru, which is prominent for its technology and leadership in the IT industry, is also making great progress in green architecture. This change represents a significant shift in how we think about building residential and living spaces.

Here, we will explain what green homes in Bangalore are, why they are important in Bengaluru’s booming real estate market, and look at the benefits they provide. We will also discuss current market trends, what investors are interested in, and how policies are encouraging sustainable living.

What Are Green Buildings? Definition

Green buildings are structured for sustainability. They focus on being responsible and efficient in their use of resources throughout their entire life cycle. These buildings are constructed using eco-friendly materials and aim to reduce impact on the environment by a significant margin. This is true from design and green construction to operation and demolition. They also make sure that the people living or working inside are comfortable and healthy.

Key Features of Green Homes

• Green homes use energy-saving lighting and HVAC systems to cut down on energy use.
• These typically feature solar energy and rainwater harvesting solutions for energy and water conservation. 
• Materials in green buildings release VOCs to a lower level. This helps to improve indoor air quality.
• These homes come with recycling systems and composting facilities to reduce waste.

Why Bengaluru Is Leading the Green Building Revolution

Here’s how the garden city is leading the sustainable revolution in real estate:

1. Tech-Savvy, Environmentally Aware Demographics

Bengaluru has a young population that is very familiar with technology. They also care about sustainable living. Many professionals and global citizens are choosing to live in eco-friendly ways. Non-Resident Indians (NRIs) are also becoming more interested in homes that are green-certified, as they see the long-term benefits of these properties.

2. Proactive Real Estate Developers

Builders in Bengaluru are now making green features a standard part of their projects instead of an afterthought. There is a growing trend of luxury and mid-range eco-friendly homes. This shows that buyers are increasingly looking for sustainable building designs.

3. Favorable Climate and Geography

Bengaluru has a perfect climate for natural cooling with passive designs. This helps in making green building practices effective. The city also supports green roofing with solar panels and rainwater harvesting systems. It allows better management of resources.

4. Smart City and Sustainability Goals

Bengaluru is committed to sustainability as part of the Smart Cities Mission. The Bangalore Metropolitan Corporation (BBMP) and the Bangalore Development Authority (BDA) are encouraging green projects. They do so by offering faster approvals for developments that follow eco-friendly practices.

Benefits of Green Buildings

Going green in residential projects has many benefits for homebuyers, developers, communities, and corporate tenants. Some ways these benefits show up are:

For Homebuyers

• Saving on energy and water bills by 20-30% is possible for homeowners, thanks to well-designed irrigation and water harvesting systems.
• Green buildings have better indoor air quality. This makes the resident’s health and wellness better.
• Green buildings appreciate more than regular buildings. Home buyers can expect higher returns in the future.

For Developers

• Eco houses can help developers stand out in a crowded market. This helps in attracting buyers who care about the environment.
• There is a growing loyalty towards developments that focus on sustainability. This is mainly because more buyers prefer sustainable building options.
• Developers can take advantage of green bonds and ESG funding to help finance their projects.

For Corporate Tenants

• Lower utility bills can significantly increase profit margins for businesses.
• Companies can support their CSR goals and initiatives for carbon neutrality. They can do so by working in eco-friendly houses and spaces.

Government Incentives and Regulations

Some facts about green building incentives and regulations:

1. Central and State-Level Support

The government is giving incentives to encourage green building development.

• Additional Floor Area Ratios (FAR): Green-certified projects could be eligible for increased quantities of land covered. It is helping developers get more out of their projects.
• Faster Approval Processes: Projects that are rated by IGBC or GRIHA benefit from quicker approval times.

2. Financial Incentives

Some local governments offer property tax reductions of up to 10% for certified green buildings. Even more, banks are also starting to provide better loan options for green projects. This is making it easier to get financing.

3. Mandatory Guidelines

The Bangalore Development Authority (BDA) requires new developments to include solar water heaters and rainwater harvesting systems. At the same time, the Real Estate Regulatory Authority (RERA) hopes that sustainability details are included in documents about new projects.

Market Demand and Buyer Trends in Bengaluru

Let’s look at what causes the growth in Bengaluru’s green buildings market:

High Demand in Key Localities

Locations like Whitefield, Sarjapur Road, Electronic City, and Hebbal are seeing a rise in demand for green buildings. These areas are popular with buyers because they are close to tech parks and other urban amenities.

Buyers are also focusing on long-term savings and eco-friendly features, hence boosting demand for green buildings.

Challenges in Green Real Estate Adoption

Green real estate adoption is also facing a few challenges; these include:

1. Higher Upfront Costs

Although green buildings can save money in the long run, they often require a higher initial investment. Features like smart meters, solar panels, and sustainability in building construction materials can raise upfront costs by about 8-12%.

2. Lack of Awareness

Many potential buyers don’t know about the long-term benefits and returns on investment that come with green buildings. This ultimately slows down market growth.

3. Maintenance Gaps

Green systems need regular management. These systems include sewage treatment plants (STPs) and rainwater harvesting tanks. This can be a challenge for some property owners who may not be prepared for the ongoing maintenance.

Conclusion

Green buildings in Bengaluru are more than just a passing trend. They represent the blueprint for future living. Overall, the demand for green buildings is driving innovation in the real estate sector. As more buyers prioritize sustainability, the landscape of Bengaluru’s real estate market is evolving to meet these new expectations.

If you are considering investing in future-ready, sustainable real estate, look no further than “Reflections” by Mudiita Developers and be a part of this sustainable revolution for a better living.

Contactus for further information.

FAQs

Q: What qualifies a building as a green building?

A: A green building is designed to minimize its environmental impact and promote resource efficiency throughout its lifecycle, including energy and water conservation.

Q: Are green buildings more expensive to build? 

A: While the upfront costs can be higher due to sustainable materials and systems, green buildings typically offer long-term savings on energy and utility bills.

Q: What are some benefits of living in a green building? 

A: Benefits include lower utility costs, improved indoor air quality, and potential long-term appreciation in property value.

Q: How can I find out if a property is green-certified? 

A: Look for certifications from recognized organizations like IGBC or GRIHA, which indicate that the building meets specific sustainability standards.