The year 2024 will be remembered as a keynote year when the world witnessed visible changes in the weather globally, from severe heat waves to torrential rains and droughts, hotter winters compared to previous years, to extreme winters expected due to the effects of climate change. As the effects of climate change are visible, so increased human activities have already left their mark with a 1.5-degree increase in temperature for our coming generations. This changing scenario has created enough room for companies to think and take measures to save the earth for future generations, including Alpha, Beta, and those yet to come.
Everyone has joined the race to save the Earth, from real estate to Fast-Moving Consumer Goods, supply chain, and almost every sector. The Securities and Exchange Board of India (Sebi) has also introduced new mandates requiring every company to file a Business Responsibility and Sustainability Reporting (BRSR) mandatorily.
In the real estate sector, most players are following all the policies and guidelines to minimise the risks and impact on the environment caused by disruption due to construction activities. They stated that in 2024, the Indian real estate sector made significant progress in adopting sustainability practices, driven by regulatory requirements and an increasing focus on ESG (Environmental, Social, and Governance) principles.
Mallanna Sasalu, CEO of Provident Housing, said “At Provident Housing, we achieved EDGE pre-certification for our Kochi project, with innovations such as reducing embodied carbon by 60%, achieving 37% energy savings compared to baseline practices, and adopting increasingly sustainable construction practices using M-sand and fly ash-based cement. The integration of renewable energy sources also defined the year, with solar panels and energy-efficient systems becoming standard features in many projects. Water management emerged as a critical focus area, with widespread adoption of rainwater harvesting, membrane bioreactor STPs, and treated water reuse in landscaping and flushing. Efforts to reduce waste, such as on-site organic waste composting and better C&D waste handling, aligned with broader goals to achieve zero-landfill status.”
Ameya Inderkumar Jain, Managing Director of Kumar Lifespaces, called 2024 a transformative year for the real estate sector. He said, “Significant growth was driven by the adoption of green practices, robust demand in Tier 2 and Tier 3 cities, and the emergence of mixed-use developments as a preferred asset class. The luxury segment also experienced a surge, reflecting evolving consumer aspirations and enhanced purchasing power.”