India's push towards an electric vehicle (EV) future in the Budget announcements has propelled the real estate sector to look at sustainable housing infrastructure. Industry experts say that EV charging stations will be a unique selling point for housing developers in the coming years.
Dhurv Agarwala, CEO, Housing.com, Gulam Zia, ED, Knight Frank, and Anuj Puri, Chairman Anarock Property Consultants, were speaking at BT Brainstorm Budget 2022 on the session 'The Real State of Real Estate'.
"Although EVs are only a small proportion of overall cars sold in the market, the internal combustion engine will look like a relic over the next ten years. In the future, housing developers will have to create EV-friendly infrastructure at the design stage," said Dhruv Agarwala, CEO, Housing.com.
Gulam Zia, ED, Knight Frank, highlighted that the inventory henceforth would have such infrastructure. How does one ensure updating housing for EVs in the millions of apartments already in the market?
"Housing is a state subject, and the government has to ensure that condominium developers come on board and start exploring
sustainable options. For instance, developers spoke about putting solar capacities last year, but the duty incentives are gone. Even if developers provide EV charging, there has to be a pre-existing energy source to be boosted," said Zia.
Zia raised concerns of housing developers and said they "will not be too keen to invest in installing battery chargers without supply incentives."
We need to see how the commercial occupier picked up sustainable buildings, said Anuj Puri, Chairman Anarock Property Consultants.
"The lessee mandated the developer because they wanted a sustainable building as most MNCs were obligated by their charters and hence started looking at gold-rated or platinum-rated options. Developers were forced to provide for such demand. It did not start with tax incentives," said Puri.
"The next generation of millennials will ask for a sustainable building. It will have to be catalysed through tax incentives but ultimately has to find a way through home buyers," said Puri.
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