⁠What is the future of sustainable real estate development in India?

As India navigates towards a greener and more sustainable future, the realm of real estate development emerges as a pivotal arena for change. With rapid urbanization and growing environmental concerns, the future of sustainable real estate in India holds immense significance. As the nation grapples with the impacts of climate change and strives to meet ambitious sustainability targets, the real estate sector stands at a crossroads, prepared to redefine conventional practices. Embracing eco-friendly construction techniques, integrating renewable energy solutions, and prioritizing green infrastructure are becoming imperatives. This paradigm shift not only promises environmental benefits but also presents lucrative opportunities for innovation and growth.

In an exclusive dialogue with India Today for World Earth Day, Deep Vadodaria, the founder of Nila Spaces, shares insights into the future of sustainable real estate development in India. Vadodaria emphasizes the importance of balancing environmental sustainability goals with market demands and affordability considerations. He discusses specific green building techniques, materials, and technologies employed by Nila Spaces’ carbon-neutral projects.

Here’s a look at what Deep has to say on this World Earth Day.

“We envision a future where sustainable real estate development in India becomes the norm, not the exception. By integrating renewable energy sources, energy-efficient designs, and green transportation solutions, we pave the way for carbon-neutral projects that prioritize environmental stewardship while meeting market demands,” says Deep Vadodaria.

How do you balance environmental sustainability goals with market demands and affordability considerations?

Our approach integrates biofuel-powered generators, solar panels, and innovative HVAC systems to reduce emissions without compromising affordability. By investing in renewable carbon credits, we reinforce our commitment to sustainability while staying competitive in the market.

Can you highlight some specific green building techniques, materials, and technologies that your firm incorporates into its Deakin University and Vida Project, considering that they are both 100% carbon-neutral projects?

Passive Design: Maximizing natural light and ventilation reduces reliance on artificial lighting and air conditioning, enhancing energy efficiency.

Energy-Efficient Materials: We prioritize low-emissivity glass, recycled steel, and sustainable timber to improve insulation and reduce heating and cooling demands.

Renewable Energy: Integration of solar panels and wind turbines onsite significantly reduces reliance on fossil fuels for electricity generation.

Smart Technologies: Advanced systems monitor and optimize energy usage in real time, ensuring efficient resource management.

Green Transportation: Amenities like electric vehicle charging stations and bicycle parking promote sustainable commuting options, reducing carbon emissions.

Sustainable Landscaping: Native plantings and rainwater harvesting systems conserve water and enhance biodiversity.

Carbon Offsetting: We invest in renewable carbon credits to further mitigate our carbon footprint, supporting renewable energy and reforestation projects.

What is your firm’s overall philosophy and approach towards sustainable and eco-friendly real estate development practices?

Sustainability is ingrained in our philosophy. We collaborate with subject matter experts like Hartmut Wurster and employ initiatives like VisionX to drive innovation. Through our partnership with Deloitte, we are actively quantifying carbon emissions right from the start of the project to the end and will keep measuring our carbon emissions on a quarterly basis, even after the project is complete.

A substantial amount of carbon offset in your VIDA project is through Carbon Credits. Carbon credits have faced criticism as well. How does one check if the carbon credits are actually credible?

Verifying the credibility of carbon credits is crucial to ensure that the credits are certified by reputable and world-class agencies such as the Verified Carbon Standard (VCS) administered by Verra Registry (with whom we are aligned with), Climate Action Reserve (CAR) or Gold Standard. These agencies adhere to rigorous standards for carbon offset projects, ensuring transparency and accountability. Additionally, credible carbon credits are often listed on carbon credit portals, providing public access to detailed information about the projects they support. Stakeholders can review project documentation, verification reports, and other relevant data to assess the legitimacy of the credits.

Coming to Nila, our sustainability approach is comprehensive and most importantly proactive. We use advanced Building Information Management (BIM) systems that comply with ISO 14064 standards to calculate greenhouse gas emissions accurately from the project’s outset. Our IGBC Platinum certifications further refine our efforts, resulting in reduced emissions as seen in our revised assessments. In addition, we power the entire project with Green Power to minimize our environmental impact. Acknowledging the inevitability of emissions in real estate, we invest in renewable carbon credits to offset our footprint and support sustainable projects.

Published By:

Megha Chaturvedi

Published On:

Apr 22, 2024