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So far, India has about 8.7 lakh electric vehicles (EV) all over the country. And that number is slowly increasing, thanks to greater environmental consciousness, low maintenance costs and government subsidies. But EVs\u2019 widespread usage is currently making waves in a seemingly unrelated sector-real estate.<\/p>\n\n\n\n
Many builders are actively considering making special arrangements to accommodate electric vehicle owners. Naturally, these provisions impact the property prices and, in turn, buying decisions too.<\/p>\n\n\n\n
Want to know all about the impact of electric vehicles demand on real estate? Let\u2019s dig right in.<\/p>\n\n\n\n
The Indian Government has taken active steps to curb vehicle pollution by rolling out some policies:<\/p>\n\n\n\n
Together these policies have not only made it easier to own an electric vehicle, but they\u2019ve also made it profitable for all the allied sectors to support them.<\/p>\n\n\n\n
Additional Read:<\/strong> Is Electric Car Better than Petrol Car?<\/a><\/p>\n\n\n\n First off, increasing EV adoption means a concurrent rise in <\/strong>electric charging system demand (or EV friendly real-estate). Naturally, realty developers will have to provide properties with accessible EV charging and vehicular maintenance facilities.<\/p>\n\n\n\n Builders also expect property ownership trends to change slightly. They expect a positive shift in property ownership in markets where EV companies have a strong presence. Why? Because of the agglomeration effect. More EV competitors, greater choice of facilities for EV owners, and better service too. No doubt, all other amenities intact, EV owners will prefer buying properties in these areas, even if it requires taking a home loan<\/a> to cover the property costs.<\/p>\n\n\n\n Now, real estate developers are joining hands with EV charging companies to install EV stations in their societies. However, it is a costly affair in itself. Here\u2019s why. A functional residential EV charging station requires having a higher power supply capacity, a stable internet connection to manage the IoT-based charging system, etc., all of which have high installation costs. Naturally, the property prices for places that come attached with these systems are high as well.<\/p>\n\n\n\n In fact, developers charge a premium of anywhere between 1-5% for attached EV charging services. Of course, this takes the cost of the property several notches higher. But if you\u2019re an EV owner eyeing a residential property, there\u2019s no reason to worry about property costs because a housing loan can easily take care of them. The best part? These days most lenders offer attractive home loan interest rates<\/a> too!<\/p>\n\n\n\n Additional Read: <\/strong>Electric Cars vs Petrol Cars \u2013 Pros & Cons<\/a><\/p>\n\n\n\n It\u2019s evident EV vehicles will have a greater impact on real estate prices in areas where EV adoption is high. This includes metro cities like Delhi, Bangalore, etc.<\/p>\n\n\n\n The good news is you can easily get a home loan in Bangalore<\/a> and other metro cities with Tata Capital<\/a>. We offer loans without the additional hassles and even allow you to select your loan tenure to make repayments even easier. Can\u2019t select the right loan plan? Use our home loan EMI calculator<\/a> to help you out.<\/p>\n\n\n\nHow EV adoption affects residential real estate buying trends<\/strong><\/h2>\n\n\n\n
Impact on property prices<\/strong><\/h2>\n\n\n\n
Final word<\/strong><\/h3>\n\n\n\n