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Sustainable Real Estate in Pakistan: Vision for Sustainable Real Estate

Green Futures: Mr. Sahib Wazir’s Vision for Sustainable Real Estate in Pakistan at PropTech Convention 24

 

The PropTech Convention 24 was a gathering of innovators, visionaries, and industry leaders who are reimagining the future of Sustainable Real Estate in Pakistan through the lens of technology and sustainability. Among the keynote speakers, Mr. Sahib Wazir, the Founder of Green Goodwill Estate, delivered a compelling speech that resonated with the core theme of the event: the integration of sustainability into real estate. His insights, drawn from his experience in the industry, shed light on the essential role sustainable real estate plays in the future of real estate development.

 

The Intersection of Agriculture and Real Estate

 

Mr. Wazir began his address by tracing the origins of Green Goodwill Estate, a company that started its journey just two years ago. Initially focused on agriculture, the company has since evolved to incorporate sustainability into its real estate ventures, particularly in tourism-centric projects. This shift, as Mr. Wazir highlighted, is not merely a response to market demand but a strategic move to align with global trends toward eco-friendly development.

 

In his speech, Mr. Wazir emphasized the misconception in Pakistan that sustainability is a luxury, requiring substantial additional investment in terms of both time and money. He challenged this notion by arguing that with proper planning and execution, sustainability can be an integral part of the development process without significantly inflating costs. This perspective is particularly relevant as the real estate industry in Pakistan continues to grow, with the potential to significantly impact the nation’s economy and environment.

 

Addressing the Challenges of Waste Management

 

One of the critical issues Mr. Wazir addressed was the challenge of waste management in tourism-heavy areas like Naran. He painted a vivid picture of the aftermath of tourist influxes in regions such as Murree, where the accumulation of waste, particularly plastic, has become a significant environmental concern. The local authorities, often overwhelmed by the volume of waste, struggle to manage it effectively, leading to long-term environmental degradation.

 

Mr. Wazir’s solution to this problem lies in integrating waste management strategies into the core business models of hotels and resorts. He cited examples from Naran, where some businesses are already converting organic waste into compost and sourcing 50% of their electricity from hydropower. However, he pointed out that these practices are often not formally incorporated into the business plans and are instead treated as operational expenses. By making sustainability a core aspect of business operations, companies can not only reduce their environmental footprint but also achieve significant cost savings in the long run.

 

Energy Efficiency and ROI: A New Approach to Hotel Investments

 

Energy efficiency was another key focus of Mr. Wazir’s speech. He highlighted that while many hotels in Naran and similar regions are beginning to adopt renewable energy sources, such as hydropower, these efforts are often inconsistent and not fully realized. Mr. Wazir advocated for a more comprehensive approach to energy efficiency, one that includes the use of hydropower full-time and integrates other sustainable practices such as water conservation and waste management.

 

The benefits of such an approach are not just environmental. Mr. Wazir made a compelling case for the financial advantages of sustainability. He argued that by focusing on key areas like energy efficiency, water conservation, waste management, and community engagement, hotels and resorts could see an increase in their ROI by as much as 10%. Moreover, while the initial construction costs might rise by 6-8% due to these sustainable practices, the long-term savings and increased profitability far outweigh the initial investment.

 

Redefining Real Estate Investment: Beyond Land Appreciation

 

In traditional real estate investment models, much of the focus is on land appreciation as a primary driver of returns. However, Mr. Wazir proposed a shift in this mindset. He suggested that in the context of sustainable hotel investments, the emphasis should be on business appreciation rather than just land appreciation. This approach, common in more developed markets, looks at how well a business is performing, the efficiency levels of its operations, and the impact on the bottom line.

 

Mr. Wazir explained that while conventional real estate investments might take a decade to yield returns, sustainable hotel investments could see a significant ROI within just two to six years. This accelerated timeline, combined with the potential for business growth and efficiency improvements, makes sustainable real estate a highly attractive investment opportunity.

 

Responsible Sourcing and Community Engagement

 

Another important aspect of Mr. Wazir’s vision for sustainable real estate is responsible sourcing. He emphasized the importance of considering the environmental and social impact of sourcing materials and products for hotel operations. During the planning of his hotel project, Mr. Wazir took into account the proximity of farming areas to ensure that the hotel could source fresh, local produce for its guests. This not only supports local farmers but also reduces the carbon footprint associated with transporting goods over long distances.

 

Furthermore, Mr. Wazir highlighted the significance of community engagement in sustainable real estate development. By involving local communities in the development process and ensuring that they benefit from the project, developers can create a more sustainable and inclusive business model. This approach aligns with the United Nations Sustainable Development Goals (SDGs), which emphasize the importance of responsible consumption and production.

 

The Role of Technology in Sustainable Development

 

Mr. Wazir also touched on the role of technology in promoting sustainability in real estate. He shared how his company utilized Geographic Information System (GIS) experts during the planning stages of their project in Naran. These experts provided crucial insights into the environmental conditions of the area, such as snowfall patterns and forestation levels, which helped in making informed decisions about the development.

 

By leveraging technology, developers can minimize environmental risks and ensure that their projects are sustainable in the long term. This use of technology not only enhances the efficiency of the development process but also contributes to the overall sustainability of the project.

 

Conclusion: A Blueprint for the Future

 

Mr. Sahib Wazir’s speech at the PropTech Convention 24 provided a comprehensive blueprint for integrating sustainability into real estate development. His emphasis on energy efficiency, waste management, responsible sourcing, and community engagement offers a new perspective on how real estate projects can be both profitable and environmentally responsible.

 

As the real estate industry in Pakistan continues to evolve, the insights shared by Mr. Wazir are particularly timely. They underscore the importance of sustainability in shaping the future of real estate, not just as a trend but as a fundamental business strategy. By adopting the practices and principles highlighted in his speech, developers can contribute to a more sustainable and prosperous future for the industry and the nation as a whole.