Good morning, residents of high rise apartment complexes in Noida and Greater Noida are increasingly witnessing ‘stuck in the lift’ moments.
In fact, moments is a wrong choice of word here because folks have been stuck in elevators for as long as 25 minutes.
Lack of maintenance/ cost cutting by RWAs/ neglect by equipment manufacturers all point towards a very disgruntled user experience.
Recourse: In 2018, the PWD had handed over a draft of what was to become the Lift and Elevators Act of Uttar Pradesh - laying down rules for the installation, operation and upkeep of vertical transportation in buildings.
🙈 The ‘Act’ remains in draft mode till date, just like that annual-Goa-trip-with-best-friends plan.
– Rahul Mishra and Anuvab Chattopadhyay
Real Estate Inc. Seeks Faster Project Approvals
With inflation snapping at its heels, the real estate sector is looking for faster construction approvals.
Why: Demand for homes has gone up after the pandemic’s third wave and pretty soon, new housing inventory will become critical for a builder's revenue and profitability.
What’s happening?
Housing demand has increased by roughly 4.6% ( QoQ) and 6.7% (YoY) in Q1, 2022. Conversely, gross values for construction output have plunged by 5.5% amidst a backdrop of fast-reducing inventory and steady demand.
Leading real estate developers are now calling for ease of doing business through quicker approvals. This is but natural, considering high demand alongside record-high inflation.
Why faster approvals are necessary
✅ Real estate only contributes to the GDP once new construction is underway.
✅ Higher input costs may be counter-balanced by Government measures in the near future.
✅ Faster approvals to enable developers to keep meeting demand in the interim.
A Global Coworking Star Is In Mumbai
Per this report, Mumbai has the second most-beautiful co-working space globally. We kid you not. The Ministry of New has been ranked by none other than Forbes.
First Look
Located at Fort, Mumbai, the Ministry of New has a design-driven approach towards aesthetics, spanning its 2,200 sq. ft main workspace.
The ambience is pleasant, with its private desks, wooden tables, ergonomic chairs, and plants.
A skylight greatly elevates the look and feel of the space. Eight fully-furnished private rooms take the cake with massive windows and plenty of natural light.
Cosy Zones Aplenty
📚 The library is the stand-out area with its comfy sofas and café tables, while the kitchen is distinctly traditional. This makes it an ideal space to relax, catch up, read or brainstorm in peace.
Throw in a fascinating book and magazine collection, a charming balcony, and gorgeous South Mumbai views. What more could a creative professional want?
Mandatory Climate Disclosure: The Next Disruptor?
There have been rampant de-carbonization efforts across cities, right from new building codes to taxes for incentivising green building stocks.
Yet, global temperatures keep rising as we speak, with these limp-biscuit efforts not yielding fruit.
Who’s going to drive sustainable real estate?
Investors of course. They will be propelling the shift towards de-carbonised commercial realty.
How will this happen?
The U.S. Securities and Exchange Commission (SEC) proposed climate-linked risk disclosures this March.
💡 If the law goes through, companies raking up funds from U.S. investors will have to disclose climate-linked risks and other metrics associated with their developments.
💡 The EU has come out with its Sustainable Finance Disclosure Regulation (SFDR) and CSRD (Corporate Sustainability Reporting Directive) guidelines in 2021, responding to investor pressure for ESG developments.
💡 SFC (Securities and Futures Commission) and the HKMA (Hong Kong Monetary Authority) will require entities to share their ESG standards with investors.
What it could entail
🍀 Bigger implications for real estate players and their methods of raising capital.
🍀 Better climate-risk disclosure and information standards.
🍀 A push for real estate to adopt new systems for accelerating de-carbonisation by 2030.
Why it’s important
1️⃣ Real estate contributes around 40% of greenhouse gas emissions worldwide. Account for operations, materials, and related activities and what you get is alarming.
2️⃣ While the proposal would disrupt the sector initially, many companies already voluntarily disclose ESG and sustainability data.
Your Takeaway: With considerable green building and sustainable infrastructure already available to developers, 30/40-year blueprints are not logical anymore. The time to act is NOW.
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Today, ~33% of the global population does not have access to safe drinking water. One reason is that 96.5% of that water is found in our oceans, and it’s saturated with salt, and undrinkable.
📽 Watch: Desalinating ocean water to bring water to millions.
Good day. See you tomorrow. 💚
☕ The Crew@Ginger Chai