In India, an increasing number of developers are incorporating electric vehicle chargers into the parking areas of new constructions. They anticipate this will enhance the properties’ appeal and market value, mainly because of the struggle to expand the charging infrastructure to match the rapid rise in EV sales.
Electric vehicles represented a mere 2.4% of vehicle sales in India in the first half of the current year. Yet, there was a significant surge of 137% in EV sales, reaching 48,000 units. As the world’s second-most populous country, India has set a goal for electric vehicles to make up one-third of all vehicle sales by 2030. However, the lack of public charging stations poses a potential obstacle to achieving this target.
Data from the power ministry indicates a stark contrast in charging infrastructure when compared to the United States: India has 435 electric vehicles for every public charging station. In contrast, the U.S. has a ratio of 26 EVs per charger, according to figures from the Alliance for Automotive Innovation. In response to this gap, real estate developers such as Sobha and property management company Prestige are capitalizing on the opportunity, predicting that the inclusion of EV chargers will lead customers to pay more for properties, much like the allure of swimming pools in the past.
Javed Shafiq Rao, the senior vice president and head of property management at Prestige, notes that potential EV buyers are looking for the convenience of on-site charging facilities. Sobha has taken the initiative by starting two residential projects in Bengaluru that offer EV charging stations at every parking space.
Developers like Mahindra Lifespace, Kolte-Patil, Brigade, and DLF are also investing in this emerging trend.
Indian authorities are also pushing for the expansion of charging facilities, with varying regulations across states. For instance, Delhi mandates that 20% of parking spaces in new developments be allocated for EVs, and Uttar Pradesh, which leads in EV registrations, requires all new housing complexes larger than 5,000 square meters to install at least one EV charging unit.
Ravneet Phokela, Chief Business Officer of Ather Energy, emphasizes the convenience of home charging over public stations, noting that it allows for overnight charging without the need for a separate stop.
Looking ahead, India’s annual Economic Survey forecasts that EV sales could exceed 10 million units by 2030, a dramatic increase from the previous fiscal year.
