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IN CONVERSATION

‘For us, sustainable living is a core principle

shaping our real estate approach’

Real estate presents challenges, but we view them as
opportunities for growth and innovation, with the initial

investment in sustainable technologies being a key hurdle,
says Deep Vadodaria, CEO, Nila Spaces Limited, in a

conversation with Prasenjit Chakraborty.

What inspired you to prioritize how it addresses urban loneliness projects like those in GIFT City?
Q sustainability in your real estate while promoting community Our commitment to sustainability
projects, and how do you envision it connections? is deeply ingrained in our core
becoming the norm in India? Project VIDA was conceived with a values and influences every aspect
My journey in real estate has been distinct vision to tackle real-world of our development projects. For us,
shaped by evolving market dynamics challenges in urban living, particularly sustainable living is not just a trend;
and changing consumer expectations the issue of urban loneliness. As one it’s a foundational principle that guides
over the past 18 years. One pivotal of Nila Spaces’ first major projects, it our approach to real estate.
experience was with Nila Spaces, a marked a departure from our previous One of our primary focuses
new venture born from a demerger. focus on affordable housing, pushing is addressing carbon emissions,
Competing in a national market us to explore innovative design particularly those associated with
filled with established players was solutions in the context of a post- construction, which significantly
challenging, especially when quality COVID world. contribute to global emissions. To
was a key differentiator. GIFT City provided an ideal backdrop tackle this, we partnered with Deloitte
What inspired me to prioritize for our ambitions, with its diverse to create a comprehensive carbon
sustainability in our projects was the offerings. Our primary goal was to neutrality report for Project VIDA.
recognition that innovative design democratize space and encourage This report involved a thorough
and environmental responsibility are genuine community engagement. In audit of our construction processes,
no longer optional—they’re essential. recent years, urban development has materials, and practices, allowing us
Our project in GIFT City exemplified often prioritized private living areas to calculate total emissions generated
this philosophy, showcasing design at the expense of communal spaces. during construction. With this data,
efficiency and sustainability that allowed We aimed to reverse this trend by we developed a detailed roadmap to
us to stand out. This success taught integrating significant communal areas achieve carbon neutrality throughout the
me that focusing on consumer needs into VIDA, encouraging interaction and project’s lifecycle.
and delivering high-quality, thoughtfully connection among residents. Our sustainability strategy
designed products is crucial, regardless Post-pandemic, the need for emphasizes energy-efficient designs
of a company’s experience in the market. community is stronger than ever, and that reduce reliance on artificial lighting
RERA has inspired consumers and VIDA fosters this by creating vibrant and cooling, enhancing natural light and
raised developer standards. Today, spaces for connection. We’ve redefined ventilation. Platinum-certified by IGBC,
prioritizing sustainability meets the luxury living, making exclusive we’re committed to high sustainability
growing demand for quality and eco- amenities like the British Concierge standards. We also educate clients on
friendliness. Our success shows that Service accessible to all residents. Our sustainable living, helping them make
even newer companies can thrive by innovative financial model, with a 1% informed choices. Partnering with
embracing these values. I envision a upfront payment, lowers barriers to Deloitte to reduce carbon footprints, we
future where sustainability is the norm homeownership, broadening access to set industry benchmarks to inspire other
in Indian real estate, driven by consumer high-quality living experiences. developers and elevate urban living
demand and a unified industry standards.
commitment, setting new standards. How does Nila Spaces integrate Nila Spaces integrates renewable
Q enewable energy sources energy sources and energy-efficient
r
Can you elaborate on the key and energy-efficient designs into designs into our developments by
Q features of Project VIDA and its developments, particularly in embracing a comprehensive, values-

34 Architecture Update l November-December 2024