Sunday, 8 October 2017

Is green building too expensive a proposition for Patna Real estate?

The irony of our times in Patna is that in a largely agricultural based economy of Bihar, a GREEN Building is seen as LUXURY, which only wealthy (which itself is handful in one of the most economically laggard state of India) can afford. In our poor state the poorest people are living the greenest lives and they need money not to be GREEN but to afford a “HOME”. Therefore “GREEN HOME” is luxury in Bihar for both the classes, one cannot have GREEN and the other cannot have HOME.
The idea of Green Building is to limit the impact of construction and habitation within the limits of the construction on the environment without compromising human comfort. There is a perception that going GREEN requires increased cost for the developer in Patna as compared to traditional construction costs in Patna. It is more so in Patna because builders in Patna do not participate in the maintenance of the building they have erected. If an INTEGRATED approach is adopted by developers in Patna, the initial higher costs may turn into income generating long term investments. For example, when buildings are carefully designed to be energy efficient, heating/ventilation/air conditioning (HVAC) equipment can be downsized for significant savings in the maintenance part. There are also many green products and materials that cost the same or even less than conventional ones.
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Nowadays more and more people in Patna are realizing the initial higher cost of a Green Building in Patna to be a fair price for a safe, comfortable, durable house that does less damage to the environment than a typical house. The effects of global warming and the attention focused on them; make it easier to see the long-term heavy cost of building homes that rely heavily on fossil fuels.
The technologies that are used in Green Building lead them to be more energy efficient. Although these technologies might have greater upfront costs, they will save money in the long run for all the stakeholders. Green buildings make up for their slightly higher premiums through higher energy efficiency and reduced energy intake. A study shows that LEED certified buildings (https://new.usgbc.org/leed) are 25-30% more energy efficient than conventional buildings.
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Many homeowners in Patna and business owners in Patna are now looking towards more sustainable real estate in Patna in order to fit in with the times. More customers are demanding sustainable practices, and businesses in Patna will have to listen, the sooner the better. The best way for developers in Patna to go Green is to rub their own offices within a Green Building. It will make convincing customers in Patna for the same easier. Not only the actual building is an advertisement in itself, but Green Buildings will also cost the company less in the long run.
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