“MUST EMBRACE SUSTAINABILITY AS A CORE PRINCIPLE”

Niranjan Hiranandani, Chairman of NAREDCO & Hiranandani Group on mitigating the effects of climate change

- ARNAB DUTTA

THE ACCELERATING EFFECTS of climate change have already rendered sustainable living the only viable option for humans. The corporate sector has an important part to play in this challenging journey. Industry veteran Niranjan Hiranandani, Chairman—NAREDCO & Hiranandani Group, shares his insights about the real estate industry’s need to adopt sustainable practices. Edited excerpts:

How are changing climate and increasing pollution impacting the real estate sector? What are the consequences?

The real estate and construction industry stands at a pivotal juncture as climate change and rising pollution levels reshape its operational landscape. The sector’s vulnerability to climate risks is more pronounced than ever. Rising sea levels, erosion, and heatwaves threaten infrastructure stability, while air quality concerns impact liveability and property demand in urban centres. These challenges translate into higher maintenance costs, declining property values, and a pressing need for adaptive measures. The need of the hour is a sustainability-first approach and a green development policy. The industry needs to pivot towards a circular economy.

Is the sector likely to face greater threats than what it has already witnessed?