The price appreciation in real estate for residential asset class with installing Electric Vehicle (EV) Charging Stations is expected between 2% – 5% in newly constructed buildings and upwards of 1% in regular existing buildings, says JLL.
According to JLL, the EV industry will grow at a CAGR of upwards of 40% by 2030 given the government policies and massive EV adoption rate. This will surge the demand for EV charging stations in buildings, thereby driving the need for such spaces. It is expected that installation of EV charging stations in existing buildings will go up drastically by 2026.
There will be a premium of at least 1% for spaces in existing buildings with retrofit of charging points given the challenges pertaining to high installation costs of charging units for large residential complexes/multi-storey buildings and limited power supply capacity. Charging Stations are IoT devices, so internet availability and connectivity should also be provided. Whereas in short term, in places where there is high demand or more than 60% of the residents own EVs, this premium can go up to 2%-5%, especially in new green residential complexes. This surge of EVs in India is due to increased demand, government incentives and the considerable population moving towards sustainable way of living which will lead to economies of scale for the developers in long run,” said A Shankar, Head – Strategic Consulting and Valuation Advisory, India, JLL.