Sustainable Development in Real Estate
Posted On September 18, 2021
Sustainable development has become a buzzword in the contemporary world. As the stories of development unfold around the world, the word ‘sustainable development’ also resonates alongside these stories. Against this backdrop, the development of the real estate sector is also tied to this new yet old phenomenon. Keeping in view the Sustainable Development Goals (SDGs), the real estate sector can provide a great impetus in the realisation of these goals.
Graana.com brings you ways to further sustainable development in real estate.
Technological developments along with advances in medicine have enhanced life expectancy. As a result, the global population has increased. However, the housing demand has not been at par with the rising population. This has created the housing crisis dilemma and has strained the real estate sector. There are no two views about it that the only way forward is vertical development – land is scarce and can no longer support the exponential growth in population.
Vertical development is the construction of massive skyscrapers to allow people to habitat them. Instead of clearing forests and agricultural land to make space for urban development, town planners can support the construction of tall buildings to meet housing needs. This way scarce resources can be saved for future generations. In addition, by developing upwards, farmlands can be saved which will ensure a stable food supply for the rising population.
Businesses, contractors and homeowners have realised the importance of sustainable development and are switching to green construction materials to minimise the environmental impact. On the flip side, there are also monetary benefits to going green. Utilising green materials results in energy-efficient buildings, decreases the carbon footprint and acts as a great marketing tool by boosting public perception towards environmentally friendly practices. Some examples include the use of bamboo, reclaimed wood, cork, mycelium, ferrock and recycled steel etc. These materials are easy to source and are cheaper to utilise. They bring down the overall construction costs too!
From solar energy to wind energy, clean energy is the solution to all energy-related problems – climate, development and population. renewable energy is derived from sources of energy that can be naturally replenished without stressing the existing resources. With the advances in technology, humans have been able to use renewed energy sources like sun, water, wind to produce energy, not only are these green sources of power, these are also cost-efficient in the longer run. For example, solar energy is expensive to install but people are able to recover the initial installation cost within five years. Hence, within a few years, the users are able to enjoy cheap power to meet their daily needs.
Recycling and reusing is another dimension of sustainable living in real estate. It is related to solid waste management in properties. Recycling refers to the alternative use of the same product to use it in creative ways while reusing refers to the repeated use of the same product without changing its form. This minimises the damage to the environment by sustainably repurposing the waste in meaningful ways in order to extend their life without the need to dispose them.
There is no doubt about the fact that water is a scarce resource. Major cities of the world are already facing a water crisis. With global warming and lack of planning, pure water is increasingly becoming a luxury. In a few years time, the situation will worsen if active steps are not taken. Dams and reservoirs can be built to store water but that is a luxury only the developed nations can easily afford because it has a hefty price tag. An alternative is also available – rainwater harvesting. Rainwater harvesting is the system of collecting rainwater and treating it to make it available for everyday use.