Session on Environmental, Social, And Governance Concerns in Real Estate held: Chandigarh Literary Society

Chandigarh, March 20, 2023: "Sustainability has become extremely vital to the real estate sector as well for the Communities. Not only are green buildings the fad because of their improved green impact, but also because a low-carbon building is proven to have lower operating and maintenance costs compared to a generically built structure, constructed without proper consideration for environmental protection. That’s why we are developing India’s first fully Bioclimatic township ‘The Wellness City’ on Chandigarh-Patiala road, as the project focuses on sustainable and environment-friendly buildings," said Sumit Singla, CEO of Prime Land Promoters and Developers (PLPB).

Singla was taking part in a conversation on the pertinent subject of Environmental, Social, and Governance (ESG) Concerns in Real Estate with Simranjit Kaur at the Spring Lit Fest 2023, organized by the Chandigarh Literary Society.

The moderator, Simranjit Kaur engaged Singla in an interesting conversation. On a question related to the need for eco-friendly housing, Singla said, “Bioclimatic architecture is when we design with nature and not against it. We are ensuring that the buildings are in total harmony with nature where residents get ample wind, sunlight, rain, heat, humidity, and other natural phenomena.”

When asked why sustainability is important to real estate investors, Singla replied that the resale value of buildings skyrockets if it is energy efficient and includes up-to-date infrastructure, besides seamlessly meeting sustainability performance standards. Sustainable buildings also have increased resilience to withstand the impacts of climate change, he said.

It is worth mentioning here that the buildings planned in ‘The Wellness City’ will be properly positioned, oriented, and proportioned to create a favourable microclimate. When in a physical environment with these qualities, people naturally change their lifestyle from a lifestyle of sickness to a lifestyle of health.

Singla opined during the interaction at the ‘Spring Lit Fest 2023’ that fuelling innovation in the sector can lead to promising job and entrepreneurship opportunities. This will be possible only if awareness regarding green development is increased by the Government since buildings account for 40% of overall energy emissions and consume 40% of the world’s energy. It is clear that there’s a lot that can be done if innovations are implemented for establishing a conscious way of property management. Not just this there is a dire need for improving water quality, and waste management systems, doing away with inefficiencies coming in the way of setting environmental standards, and even restoration of an existing property in a way that meets sustainability standards.