Ways how climatic conditions impact real estate
We do hear that there was a time when the city was complete greenery, the climate was something cool and there was no flooding problem or water scarcity. Now, the things have changed completely. The home buyers across the country are actually finding it difficult to assess whether the area as they buy homes in is actually prone to drought, pollution or flood. Even if the prevailing situation in the area is ideal, there isn’t guarantee that it will remain somewhat habitable in coming years.
Cities such as Bangalore, Ranchi, and Pune are presently facing the problems of waterlogging in monsoons as well as drought-like situation, especially during summers. Many of the attribute these problems to the fact that the construction activities don’t take into the account ways to counter the climate change as well as to prevent climatic disasters.
The natural calamities such as droughts and floods bring the city to a standstill. Construction sites bear wide material losses, as well as developers, have to really face undue delays in the projects. During June 2005 floods in Mumbai, the livelihood was affected and was commercial and residential establishments. Therefore, home buyers do tend to postpone the property buying decisions, until monsoon period is over. Also, one sees depreciation in rent, flood-prone and in low-lying areas of Mumbai.
Real estate market in India which has been impacted by climatic conditions includes Mumbai and its suburbs, Delhi/NCR, Chennai, and Gujarat.
The climatic disasters don’t only reduce or minimizes the demand for residential and commercial properties but also enforces correction in real estate rates. Huge investors tend to be wary as well as prefer other realty markets over Mumbai for long-term commercial activity. The drought around the Mumbai city as well as in the whole of Maharashtra and water shortage in summer has a huge impact.
Enduring climate change
Countering effects of the climate change certainly requires a change in the outlook. The real estate sector should focus on the building sustainable homes that would help in preserving the natural resources. The experts do point out that the sustainable homes incorporate smart technologies helping conserve and re-use power, water and reduce the waste generation.
The developers are gradually adopting technologies to sell homes. Technologies like solar panels for generating solar water heaters, electricity, sewage treatment plants, rainwater harvesting systems, etc., not help to conserve energy but are useful during the famines. Presently, everyone wants a sustainable home as that these have fewer issues to face.
Measures that realty project can follow to create self-sustaining homes
• Recycling of wastewater and rainwater harvesting
• Avoid, much as possible, the use of materials that can actually harm the climate
• Using the building materials that can be salvaged and recycled and make sure that it is durable, easily available and above to all, leaves no carbon footprint
• Making use of solar energy to light some common areas and for other requires in commercial and residential projects