The Emergence Of Sustainable Development In The Real Estate Industry | ESPA
 

Real EstateThe Emergence of Sustainable Development in the Real Estate Industry

November 4, 2022by ESPA0

        The Emergence of Sustainable Development in the Real Estate Industry

Sustainable Development is a highly emerging trend in the Real Estate Industry. It is a strategic way to meet human resource goals by maintaining the capability of the natural system. It aims to provide the natural resources and ecosystem benefits on which the economy and environment depend.

 

Introduction: Sustainable development and Real Estate Industry

Sustainable real estate development is a process where resources are utilized to meet human housing requirements without damaging the stable ecosystem.

Sustainable development helps the Real Estate industry to design buildings based on environment-friendly techniques, materials, and innovation during construction. It aims to reduce the impacts of building homes on the environment from the materials used in construction. It allows homeowners to reduce operating expenses and keep the environment healthy.

The Emergence of Sustainable Development in the Real Estate Industry

5 Key Sustainable Development Goals in the Real Estate

 

The following are the essential goal of sustainable development:

  • Sustainable Construction
  • Well-being and Good Health
  • Affordability
  • Innovative Infrastructure
  • Sustainable Cities

 

Sustainable Construction 

The primary sustainable development goal is to build buildings based on sustainable construction. Sustainable construction is the construction and development of any building thatdamage any natural resource.

Sustainable real estate development aims to maintain the ecological balance of the environment for the long term. With the help of adequate airflow, insulation, and energy saver lighting, it becomes possible to preserve sustainable

Sustainable construction design strives to minimize negatiimproves on the environment and improving construction arrangements. It aims at reducing the consumption of non-renewable resources, reducing waste, and creating a healthy and productive environment.

 

  1. Well-being and Good Health

For physical and mental well-being, living in an eco-friendly environment is significant. This is possible only by adopting sustainable construction practices. Green building for sustainable development is initiated to reduce the environmental impact of construction. It is possible by improving factors like waste management and energy efficiency.

Moreover, Real Estate Development companies are also adopting sustainable development to deliver amenities that promote health and enhance productivity.

For instance, life at Golf Empire guarantees you to provide a healthy and eco-friendly environment. It brings you close to nature and a fresh aura. So, invest in the luxurious apartments at Golf Empire to experience a healthy and eco-friendly environment.

 

  1. Affordability

Sustainability development is affordable as it ensures the expenses while implementing its strategies. The greenhouses and eco-friendly buildings are cheap compared to regular buildings. However, sometimes the advanced features in sustainable buildings can be expensive, but this type of real estate investment could be beneficial if you decide to sell it in the future.

Reasons to invest in Sustainable Real Estate development are as follows:

  • On average, buildings based on sustainable development are 14% less expensive than regular buildings.
  • Sustainable buildings or green buildings can be sold at a premium rate, with the average green building estimated at 7% more than other buildings.
  • The market demand for sustainable development buildings is increasing every three years.

 

 

2. Sustainable Infrastructure

The concept of sustainable infrastructure denotes such strategies and equipped systems designed to meet the needs of the people, such as highways, transportation, bridges, telephone towers, hydroelectric power stations, etc., built on exclusive sustainable principles.

The Emergence of Sustainable Development in the Real Estate Industry

                                      The Emergence of Sustainable Development in the Real Estate Industry

 

5 Key Sustainable Development Goals in Real Estate: Sustainable Infrastructure

The construction of buildings and infrastructure using sustainable technologies and materials is the key to sustainable development. One of the key sustainable development goals is to protect natural resources and the environment. Also, to help promote more effective and efficient use of financial resources.

 

3.Sustainable Cities 

The ultimate goal of sustainable real estate development is to produce sustainable cities. Sustainable cities are devoted to attaining a standard lifestyle through environmental, social, and economic sustainability.

One of the sustainable cities of Pakistan is Islamabad due to its geographic location, sustainable infrastructure, and preservation of plants and wildlife. The real estate developments in Islamabad are adopting the principles of sustainable development. For instance, there are various real estate projects by renowned real estate development companies such as Golf Empire. Golf Empire is a grand eco-friendly residential project designed on sustainable real estate development principles.

Nowadays, most cities struggle with significant environmental issues, such as environmental degradation, traffic jamming, poor urban infrastructure, etc. There is a lack of essential services such as water supply, sanitation, and waste management.

On the other hand, a sustainable city is designed to promote economic growth and meet its citizens’ basic needs while creating a sustainable lifestyle environment for all.

Cities occupy only 3 % of Earth’s land but are responsible for consuming 60 to 80% of energy and emitting carbon up to 70% of it. Therefore, it is one of the top priorities of Sustainable development Goals to create safe, strong, and sustainable cities.

Sustainable Development and Real Estate:

published by the Global Alliance for Buildings and Construction (Global ABC) and the United Nations Environment Programme (UNEP), the real estate sector consumes the most energy worldwide. It demands around 35% of the world’s total consumption and emits the most greenhouse gases (GHGs), contributing 38% of the total.

Sustainable Development in Pakistan:

Pakistan mainly focuses on combating climate change in three dimensions: Subsections of Sustainable Real Estate Development, Reducing Real Estate Carbon footprint, and Green/Sustainable Housing Societies.

The Emergence of Sustainable Development in the Real Estate Industry

Environmental Responsibility

Among 165 countries, Pakistan is ranked 129th according to the SDG ranking; in the past, Pakistan has shown outstanding commitment by an accrual score of 57.7% with a tiny carbon footprint in contrast to developed countries like the USA, Canada, Russia, etc. With a tiny carbon footprint, Pakistan is one of the countries most adversely hit by Climate Change. Climate change knows no boundaries, so Pakistan has to fight harder to combat and mitigate the effects of the rapidly changing nature. The government of Pakistan is working tirelessly and has introduced many projects and contributed massive effort and finances for Reforestation and Afforestation. Pakistan is the only country to complete the Bonn Challenge through a billion tree tsunami; Pakistan also exceeded the challenge and planted trees over 350,000 hectares.

Economic Efficiency

Amidst the increasing urbanization government of Pakistan has introduced sustainable cities to address the issue at hand. Goal 11 of the SDGs, Sustainable Cities, and Communities, invigorates the importance of green spaces and sustainable infrastructure for urban development (UNDP, 2021). A sustainable city is intended to consolidate social, monetary, and ecological elements inside a city’s essence to accomplish sustainability. This can be accomplished by saving energy, water, and food utilization, relieving the primary impact, diminishing fossil fuel byproducts, decreasing air contamination, and safeguarding water assets (Hindawi, 2021). The Government of Pakistan is quick to chip away at post-Millennium Development Goals (MDGs) with different partners to facilitate and uphold the government, commonplace, and neighborhood levels for accomplishing Pakistan’s sustainable development goals. An SDG’s Observing Unit is being established in contact with UNDP to act as a rational public coordination entity with a few units in different locales throughout the country (Government SDGs supporting Unit, 2022).

 

 

Currently, Pakistan is facing an acute housing shortage which may extend to more than 1 million annually. In this regard, the concept of vertical living is gaining much prominence and support from the government of Pakistan. Urban Planners are moving towards more vertical development to create more green space. For Instance, Islamabad, the Capital of Pakistan, is a perfectly designed city that accumulates ideally placed parks and natural spaces; the most prominent example is Margalla Hills supporting a massive chunk of biodiversity.

Rise of Vertical Living:

It is evident that Pakistan’s real Estate is moving towards vertical living, and development in twin cities has proven to be a forefront of SDGs in Real Estate. Bahria Town Rawalpindi/Islamabad is increasingly showing a positive development in vertical living. Vertical living, hi-rise buildings with state-of-the-art living space, designed to reduce the carbon footprint of real Estate in Pakistan.

Evershine Business Centre, developed by ESPA Builders, is one of the top relevant examples here, as the project is entirely modern, ideally located right next to Bahria Town Head Office but has not compromised on ensuring and reducing the carbon footprint. The complete structure of the building is designed to withstand climate change, and fixtures are designed to reduce emissions. They are setting a precedent for Pakistan’s whole real estate industry to change the ancient ways of development.

 

Current Scenario of Pakistan

Currently, Pakistan is going through an acute housing crisis. The gap between housing demand and supply is continuously increasing. Moreover, Climate change, harsh weather, and natural calamities have destructed massive infrastructure and left 9% of the population homeless; poor housing, low facilities, and lack of planning have added more to the pain (Muslim Aid serving humanity, 2021). These issues have divided the cities into the cities of have’s and not; slums are expanding, poverty is increasing, and people are awaiting better facilities and planning. In addition, Cities are also expanding, which may accommodate more people now but at the cost of agricultural land. The horizontal living mindset and illegal housing societies are taking even more space, making a living even more difficult in the longer run. At Present, Pakistan is facing a massive housing gap of approx. Ten million housing units and continuously growing at an unprecedented rate. The above-stated facts depict that a horizontal living style is not the way forward for Pakistan’s current scenario. Our priority must be the development of vertical cities and vertical buildings. This would control the carbon footprint and make this world a better place for future generations.

Pros of Vertical Cities

Vertical cities may change the skyline of Pakistan completely,

Better Community Living

Vertical cities have a lot to offer, starting by negating the most basic insecurity, i.e., resources. All the people in vertical living have the same resources, which gives them a sense of security. People believe in people, as it promotes communal growth, and people from different backgrounds, ethnicities, and socio-economic backgrounds live together. In short vertical living completely changes the dynamics of community living.

 

Sustainable Environment

Vertical cities are compact and use less space in comparison to horizontal cities. Resultantly, agricultural lands, green spaces, and nature are preserved. Moreover, vertical living provides space for accommodation, shopping malls, schools, and all the necessities under one roof, safeguarding nature.

 

Increasing Population, Increasing Housing

The population in Pakistan is increasing continuously, and the demand to accommodate such a colossal population is increasing the housing gap. Vertical living is the best solution as it provides for many under such a small space in contrast to the traditional living style and at an affordable rate.

Supports Economy

The real estate sector globally, especially in Pakistan, supports the country’s GDP. Real Estate has shown the potential to create jobs for the youth of the nation and, as a result, positively impact GDP Growth.

Affordability

Post-Covid, the world has changed dramatically. Inflation is rising, which has increased the overall rates of the housing sector. Rentals are now beyond the reach of an ordinary man. This issue can be addressed through vertical living, as new buildings would bring prosperity, and low rentals would accommodate people from all socio-economic backgrounds.

What are the Challenges in Building Vertical Cities?

Budget Issue

Pakistan’s economic growth is currently struggling. As the economy is brutally hit, it cannot support the planning and development required for constructing vertical cities. Moving toward the sky is expensive to address the issue adequately; Pakistan would require huge funds and investments.

Acceptability

Skyscrapers contain the whole human habitat in one place, and the people of Pakistan are not used to it. accept the change as life in an apartment is quite a different experience than living in a traditional house. Moreover, all the amenities under one roof would promote low movement and fewer outdoor activities, eventually minimizing cultural activities.

 

Pakistan has been adversely hit by climate change and faces rainstorm floods periodically.

Absence of Arrangements and Metropolitan Preparation

Pakistan previously presented its housing strategy in 2001, showing carelessness in this area (Tariq, 2019). These approaches expanded vagrancy and did not settle the populace’s housing needs. Besides, there is an absence of metropolitan preparation in the country. The metropolitan arranging framework needs political help and has restricted abilities to draw in the social and natural factors. Accordingly, individuals’ unique ideas, existing issues, and requests slip through the cracks by the public authority. In this way, wasteful approach plans and the absence of methodologies might impede vertical urban communities’ turn of events.

Arrangements that can help in the Improvement of Vertical Urban communities

Definition of Powerful Strategies and Metropolitan Preparation

Projects like vertical urban areas require cautious and shrewd preparation before execution. The public authority should work with think tanks and specialists before figuring out vertical advancement arrangements. These approaches ought to be for the developing populace, lodging needs, and the safeguarding of the climate. Besides, zeroing in on metropolitan preparation through the joint endeavors of the public authority and the residents will go about as an extraordinary device for upholding economical improvement of vertical urban communities and adjusting the requirement for development with nature protection.

Fortifying the Land Area

The land area of Pakistan is brimming with beneficial open doors, and it can add to the development of the nation’s economy. The public authority should give charge of motivating forces and endowments to reinforce the land area. It will help with the quick turn of events and the development of vertical urban communities.

Center around Vertical Turn of events

Public authorities should form administrative specialists to recognize and abrogate unlawful lodging plans. Besides, the nation should put the flat improvement down by carrying out severe principles and regulations, while vertical advancement should be focused on all financial areas.

Utilization of Innovation

The public authority should involve creative innovation and workable systems in vertical urban areas making arrangements for reasonable developments. Computerized planning of arranged and spontaneous regions is essential, alongside digitalizing information concerning socioeconomics, population development, Housing requirements, and land use.

 

Conclusion

Sustainable development is a fundamental goal for real estate development companies. It is to improve the quality of lifestyle and well-being on the planet for present and upcoming generations. Moreover, the sustainable development goals also ensure the construction of buildings and the provision of raw materials based on sustainable practices and technologies.

For more related information, stay tuned to ESPA Blogs to learn about Real Estate and the best investment opportunities in Islamabad and Rawalpindi.

 

 

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