Companies manufacturing charging stations for EVs are witnessing a significant increase in demand from an important customer: Real Estate Developers. For existing properties, the resident welfare associations (RWAs) claim that a good chunk of their residents own EVs and can use dedicated charging points. Developers are also looking to make their upcoming residential & commercial properties future-proof.
Motivated by rising EV uptake & their sustainability efforts, real estate developers are now looking more closely than ever at the requirement of charging infrastructure at their properties. From townships to shopping malls to commercial complexes, more EV charging points are being installed but many more are still needed.
EV charging solutions are vital for all real estate segments, including office buildings, residential buildings, hotels, and malls. Charging stations are an excellent amenity for commercial real estate that can attract talented workers and better-paying corporate tenants. Residential property owners can draw more buyers and tenants. Malls and hotels can advertise charging stations to increase business.
With charging stations currently being less in numbers and likely to be in high demand in near future, properties that install charging facilities can position themselves excellently to existing and potential EV owners.
The efforts started in the year 2019 when the Ministry of Housing & Urban Affairs issued a guideline to allocate parking space for EVs in residential & commercial spaces.
The Delhi Government approved the facility to expand charging infrastructure in apartments, housing societies, hospitals, malls, and theatres. State governments are also offering tax concessions to housing societies to set up EV charging stations. All these initiatives are jointly contributing to pushing real estate developers to prioritize setting up EV charging stations.
As a result, charging station makers are signing agreements with a host of builders in metro & sub-metro cities for installing charging stations in their upcoming projects.
- Tata Power has tied up with real estate developer Lodha Group to provide EV charging solutions in all its residential & commercial projects across Mumbai & Pune. Chargers will be accessible to all residents and visitors who are EV owners.
- Leading real estate developers including Hirandani Group, DLF & Raheja have started including EV charging in their new complexes.
- Ola is in talks with multiple builders and real estate developers to set up charging points at their premises.
- Okaya Power signed a Memorandum of Understand (MoU) with real estate developer ATS Homes to provide EV charging solutions at its properties pan-India.
The numbers of electric vehicles keep rising and urbanization shifts more people into living in upcoming townships, buildings, societies with no charging solutions. Premises with capabilities to charge vehicles will attract more residents and those with pre-existing charging solutions will face an even stronger demand to provide more charging points.
The shift from fossil fuel-driven to electrical vehicles is a positive move for many stakeholders. It will result in a paradigm shift, effectively giving sustainable real estate development a stimulus, as EV charging points will now be included in the common amenities of housing & commercial estates just like lifts & high-speed internet.
And this trend is not just seen in India. Many countries are seeing realtors reaching out to EV charging solution providers for setting up charging points at their properties.
- In Canada, real estate giant “Killam Properties” signed an agreement with Enel X Power to set up 438 EV charging points at its properties.
- In Dubai, DEWA (Dubai Energy & Water Authority) is cooperating with leading real estate developers to install green EV chargers at their leading projects, including the exotic Palm Jumeirah.
- In Japan, the biggest listed property developer ‘Nomura Real Estate Holdings’ is constructing the country’s first fully emissions-free high-rise, just outside Tokyo. Every parking spot in the building’s three-story basement will have dedicated green charging points.
- Meet resident & tenant expectations.
- Meet government requirements.
- Be eligible for potential tax benefits by reducing your carbon footprint.
- Future-proof your properties with solutions that enable the adoption of new technologies.
- Increase your rental value.
- Attract visitors by being visible on the smart charging EV network (via EV charging apps).
- Be a part of the revolution to build a smart grid & produce green energy (via solar panels).
- In the future, create a new revenue stream from energy balancing (including bidirectional charging).
With more and more people driving EVs, the lack of EV charging infrastructure at a property makes it less valuable. Developers that have a pro-active approach to social responsibility, resident/visitor experience, facilities are going to stay a step ahead. EV charging needs to be an important part of the amenity package.
If widespread EV usage is inevitable, there is no choice but to embrace it.
In the future, EV charging at buildings will be the norm. But until then, forward-thinking property managers & businesses can use EV solutions to stand out from the competition.