India has been making notable strides in every sector, but its growth in the EV space has been particularly impressive. To make this growth more remarkable, the government of India is aiming to achieve 30% penetration in EV sales by 2030, which amounts to nearly 8 crores of EVs. However, to achieve this target, it is also necessary to boost the EV infrastructure across the nation. For instance, our country would need public and semi-public charging stations in the ratio of 1 station per 20 vehicles. However, the ratio currently stands at 1 charging hub per 135 EVs, far from the desired infrastructure target. Meanwhile, to close this gap, the government has initiated various schemes like FAME, the National Electric Mobility Mission Plan (NEMMP), and the PM E-Drive, which provide exclusive offers to consumers as well as manufacturers. Still, the success of the initiatives would depend heavily on private investments. In this growth phase, the role of residential developers would be indispensable. By integrating suitable EV infrastructure with their residential projects, they can support EV charging needs and attract eco-conscious tenants. As more homebuyers embrace green living solutions, developers have an opportunity to reap the benefits. On that note, let’s discuss what makes now an ideal time for developers to invest in EV infrastructure.

Opportunities for Residential Developers

Consumers’ Attitude Towards Sustainability: Due to the sudden shift towards sustainability, the majority of homebuyers, particularly Gen Zers and Millennials, are prioritizing green living over everything. Data shows that 73% of Gen Zers are willing to spend more on eco-friendly products, and in this situation, features like EV hubs are becoming non-negotiable amenities in residential spaces. This shift in trends presents a new opportunity for developers to align their offers with residents’ demand for a clean environment.

Enhancing Property Value: Most developers are incorporating green features in their buildings, and charging stations are one of them. According to reports, properties with EV charging hubs can command a 2-5% premium, making their property more appealing to buyers.

Retaining Eco-Conscious Tenants: For a builder, it is important that their building does not remain vacant for long and receives longer lease requests. By offering EV charging stations, building developers could retain their tenants, particularly those with sustainable choices. This move could also help them attract more eco-conscious tenants who seek sustainable amenities in their new homes.

Renewable Energy Integration: During FY24, EV charging grids powered by renewable energy gained a lot of traction. As a result, today, many investors and tenants seek residential properties that feature solar-powered EV charging hubs. If developers start integrating renewable energy sources for EV charging in their buildings, it will make the charging experience more sustainable for tenants and help save operational costs.

Challenges to Fill These Gaps

As appealing as it sounds, it is not easy to incorporate EV infrastructure into buildings due to high installation costs. Setting up a charging station requires thousands and lakhs of rupees, which is not easy for all residential developers to generate. However, to support them, the government has introduced various measures that will help incentivize private sector participation. For instance, FAME and 100% FDI in EV infrastructure have encouraged investment and growth. Such measures are also expected to promote innovations like integrating renewable energy in charging grids and developing fast chargers suitable for residential properties, strengthening the grid.

To achieve the target of shifting the nation towards sustainability, both private and public sectors need to come together. Residential developers, in particular, have an opportunity to provide EV users with accessible charging infrastructure and advance India towards net zero emissions goals while boosting their income sources.

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The initiative will focus on assessing the environmental impact of construction activities, specifically their effect on air quality, and promoting more sustainable construction practices. As part of the MoU, a detailed study will be conducted to evaluate air emissions and greenhouse gas (GHG) emissions generated by construction operations and the functioning of buildings. The findings will be shared with stakeholders to raise awareness and provide actionable insights. The roadmap will also set decarbonization targets, emphasize eco-friendly building practices, and offer training to industry stakeholders to effectively implement these strategies.

Domnic Romell, President of CREDAI-MCHI, emphasized the significance of the partnership, stating, “This collaboration demonstrates our commitment to sustainable development within the construction sector. Partnering with MAHAPREIT will help us set new standards for environmental responsibility and create a clear path toward reducing emissions and achieving Net Zero targets.”

Bipin Shrimali, Managing Director of MAHAPREIT, highlighted the organization’s commitment to sustainability, saying, “As a Government of Maharashtra undertaking, MAHAPREIT is dedicated to advancing sustainable infrastructure practices. Through this partnership with CREDAI-MCHI, we aim to develop practical solutions for decarbonization and contribute to a greener future for the construction industry.”

Under the terms of the MoU, CREDAI-MCHI will facilitate access to construction sites, collaborate on technological studies, and execute joint initiatives to achieve Net Zero goals. MAHAPREIT, with its technical expertise, will focus on identifying sources of pollution, conducting environmental assessments, and guiding the adoption of sustainable practices.

The MoU, which is non-financial and valid for 12 months, marks an important step in the creation of a sustainable, eco-conscious construction ecosystem. The initiative aims to not only improve the environmental impact of the industry but also to benefit the broader community by fostering more responsible and greener building practices.

Also Read: CREDAI Pledges to Construct 4000 Green Projects by 2030

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