New Delhi: Mahindra Lifespace Developers Ltd, the realty arm of MahindraGroup, on Tuesday announced an investment of Rs 500 crore to develop India's first net-zero energy housing project, comprising around 550 units, in Bengaluru.
The company also announced that it will develop only net-zero housing projects from 2030 onwards, and the farm equipment-to-aerospace conglomerate will become carbon neutral by 2040, ten years ahead of the Paris Agreement targets.
Net-zero refers to totally nullifying the quantum of greenhouse gases produced by human activity through reducing emissions and the implementation of measures to absorb carbon dioxide from the atmosphere.
At a virtual launch event of the new project 'Mahindra Eden' in Bengaluru, Mahindra Group Chairman Anand Mahindra said, "I can vividly imagine a dystopian future, where my grandchildren — choking and fighting for every breath — turn to me and say, you could have done something about this, but you didn't."
"So I am reiterating our commitment here today that we, as a group, will be carbon neutral by the year 2040, ten years ahead of the Paris Agreement targets," he added.
In an interview with PTI, Mahindra Lifespace Developers Managing Director and CEO Arvind Subramanian said the company has launched its new residential project 'Mahindra Eden' spread over nearly 8 acres of land parcel.
"We are launching India's first net-zero energy housing project in Bengaluru. We will be developing 550 units in this green housing project in the two phases over the next six years," he said.
Reiterating the company's commitment to the environment, Subramanian pledged, "We will develop only net-zero housing projects from 2030 onwards.
" Asked about the investment and revenue potential from the project launched on Tuesday, he said the total project cost will be around Rs 500 crore, including land and construction cost.
"We expect a revenue of Rs 600-650 crore from this project," he said. The project is certified by Indian Green Building Council (IGBC).
Subramanian said the additional construction cost will be just 5 per cent higher compared to any conventional group housing project, but the savings to residents in terms of usage of water and electricity would be huge.
The residential development is expected to save over 18 lakh kWh electricity annually, equivalent to powering over 800 homes.
The remaining energy demand for the project will be met from renewable sources through on-site solar and wind energy systems, and purchase of green energy from the grid.
"Global climate change is one of the most pressing issues and buildings alone are responsible for approximately 36 per cent of the total energy consumption and close to 40 per cent of carbon emissions.
"As a pioneer in sustainable development with a 100 per cent certified-green portfolio, we were keen to take the next leap in sustainable design and development. Building net-zero homes is one of the cornerstones of a reduced carbon future, thereby an important solution to climate change and we are committed to playing a leading role in this energy transition of the real estate sector," Subramanian said.
Mahindra Eden has been developed by adopting climate-responsive design strategies and energy conservation measures that include SRI paints for high heat reflectivity; optimal building orientation to maximise natural light and ventilation; lower SHGC glass on windows to reduce heat ingress from the building envelope; and use of Variable Voltage Variable Frequency (VVVF) elevators that use less energy during acceleration and deceleration.
Furthermore, the project also has multiple sustainability features like low flow water-efficient fixtures, rainwater harvesting, sewage water treatment plant, and smart water meters.
This will help reduce the water demand of the project by 74 per cent when compared to conventional buildings.
Additionally, the project will deploy sustainable strategies such as waste segregation, composting, waste recycling through a resource recovery center and vendor tie ups.
E-waste management will divert 100 per cent of the annual waste away from landfills, making it zero e-waste management project.
Along with energy, water, and waste efficiency, the project is designed to preserve and nurture over 100 species of plants, more than 25 species of birds and over 25 species of butterflies.
Initiatives for naturalizing and streamlining of water bodies within the project will also be undertaken.
Mahindra Eden is Mahindra Lifespaces' second project in Bengaluru. Its maiden residential project, Mahindra Windchimes, located on Bannerghatta Road is complete and sold out.
Established in 1994, Mahindra Lifespace Developers' portfolio spans 28.2 million square feet of completed, ongoing and forthcoming residential projects across seven Indian cities. It also has over 5000 acres of ongoing and forthcoming industrial park projects across four locations.
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