Property developers cash in on residential chargers amid soaring EV sales
- Property developers such as Sobha, and property management firms like Prestige, are betting big on EV chargers in residential properties.
Sales of electric vehicles accounted for just 2.4% of India's total vehicle sales in the first half of this year, however, they witnessed a tremendous growth of 137% at 48,000 units during the same period, as per research firm Canalys. As the country plans to make EVs account for a third of the total vehicle sales by 2030, the public charging stations are not keeping up with the pace.
In order to fill this gap as well as to add value to their properties, many Indian developers are cashing in on residential EV chargers. For now, property developers such as Sobha, and property management firms like Prestige, are betting big on EV chargers in residential properties. "People considering purchasing EVs want assurance that they will have access to charging facilities within the residential complex," Javed Shafiq Rao, senior vice president and head of property management at Prestige, told Reuters.
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Sobha has launched two residential projects in Bengaluru with EV charging facilities in all available parking slots. This is helping it attract more buyers along with boosting the value of the properties. Other developers betting on the trend include Mahindra Lifespace, Kolte-Patil, Brigade and DLF.
Currently, there are 435 EVs for every public charging station across the country, as per dats from the power ministry data. In contrast, the US has 26 EVs per charger, as per data from the Alliance for Automotive Innovation.
The installation of EV chargers in residential complexes fills this gap and makes it convenient for owners of battery-powered vehicles. This is also in line with the government guidelines for installation of charging infrastructure. Each state has its own guidelines; for example: Delhi requires 20% of parking spots to be reserved for EVs, while Uttar Pradesh, which has the most EV registrations, mandates all new housing complexes above 5,000 square metres to have at least one EV charging unit.
As per a recent annual Economic Survey, India is expected to see sales of more than 10 million EVs a year by 2030, rising more than ten folds from last fiscal year.
