EV charging Provisions: The New Trend To Residential Investment
As public knowledge rises, so does demand. In recent news and sources according to Ritesh Mehta, Head of Residential Property Sales at JLL India, one out of every five potential buyers requested charging provisions as an amenity.
Electric cars are being aggressively embraced in India. The government offers subsidies and other incentives to EV owners and purchasers in an effort to promote the usage of these cars. It has always been a lofty objective. Sales of EVs are rising, but there are still significant issues, such as a lack of infrastructure for charging. Last year, Lodha Group announced a partnership with Tata Power to offer complete solutions for electric car charging for all projects in urban areas.
Housing associations will receive government incentives to install EV chargers.
By 2025, the Maharashtra government wants 10% of all new automobile registrations to be electric vehicles. The government provided a cash incentive for purchasing electric automobiles to help encourage that. Housing associations with charging stations would be free from property taxes by 2% to 5% under Maharashtra's new electric car policy, which will take effect on March 31, 2025. A person will receive a 2 percent property tax refund if he builds a charging station for himself or another electric car in the neighborhood.
The return for each homeowner is 5% if the housing association decides to install any charging stations. The Delhi government committed to setting up a one-stop shop in June in order to increase installation in condos, condo associations, hospitals, retail centers, and theatres. The Ministry of Housing, Urban and Rural Development mandated the distribution of electric car parking places in communities and residences in 2019. The policy stipulates that at least 20% of all parking spots on the property will be reserved for electric cars in both residential and business areas.
In July, Tata Power and Hindustan Petroleum teamed together to provide merchants in a number of significant cities and roadways with end-to-end charging options. In May of last year, India introduced the AC charging standard for small electric cars, and it is anticipated that the market would soon provide inexpensive, easily installed chargers that are energy-efficient. The Delhi government has granted financing to increase the availability of charging stations in hospitals, shopping malls, housing societies, and many other locations. Additionally, the state government provides local organizations with property tax breaks so they may construct electric car charging stations.
For housing societies, figuring out prices and expenses may be difficult and time-consuming. Normally, it's impossible to tell how much each passenger utilized a charging station at a standard station. As a consequence, even if some residences utilize more units than others, expenditures are frequently distributed equally across the flats. You can check how long each charger has been in use and by whom if you make an investment in a reliable charging system.
After all the considerations, EV charging provision in societies will remain one of the trends that are ready to take up your residential Investments.