**5. Implications of sustainable built environment on real estate development**

When examining the consequences of creating a sustainable built environment in today's world, real estate development is becoming an increasingly vital aspect to consider. As a direct consequence of the continued growth in the global population and the acceleration of urbanization, it is of the highest necessity to use environmentally responsible building practices in both the construction of buildings and the day-to-day management of structures. This is something that must be done. The built environment, which includes both residential and commercial buildings, plays a significant role in determining the character of our towns and cities. There is a rising demand for sustainable methods in all sectors of life, including real estate development, as the globe continues to confront significant environmental concerns such as climate change, pollution, and habitat loss [52]. Planning, constructing, and managing buildings ecologically responsible and resource-efficiently is called "green building," another name for sustainable real estate development. This process may also be called "sustainable real estate development." It combines environmentally friendly building materials, energy-efficient technologies, and renewable energy sources into the construction process to lessen the structure's negative influence on the surrounding environment and improve its sustainability. Because of this, environmentally friendly policies and methods in constructing real estate have several ramifications that have far-reaching implications not just for the real estate sector but also for the natural world. One of the most important results that can be achieved by using sustainable building techniques is a reduction in a region's overall influence on the environment that is immediately around it [53]. To be considered sustainable, a building must have energy-efficient systems, use renewable energy sources, restrict the amount of water used, use ecologically friendly materials, and promote the reduction and recycling of waste. These actions help decrease carbon footprints, conserve resources, and minimize pollution, all contributing to a cleaner and more sustainable environment. One of the most important effects is the economic gains from environmentally friendly real estate development. The initial costs of adopting sustainable features and technologies may seem far more than they are. Despite this, a long-term financial advantage can be gained from developing environmentally responsible structures. Utilizing designs and technologies that are more energy efficient is one way to cut down on the expenses associated with operating a company [54]. The monthly electricity bill, the cost of water, and any necessary maintenance are all included in these prices. However, this list is not exhaustive. Sustainable buildings have a smaller negative effect on the environment in their immediate area, increase tenant health and productivity, and comply with green building certifications and standards [55]. As a result, sustainable buildings may typically command higher rental or selling values than traditional buildings. Investors and developers who embrace sustainability can reach long-term financial stability, gain a competitive advantage, and attract renters or purchasers who are environmentally sensitive. These benefits may be achieved by reducing the negative impacts of their business on the environment. It is also important to note the potential for large social ramifications to emerge due to establishing sustainable real estate if established settings are not sustainable [56]. This is something that should be taken into consideration. Sustainable buildings provide tenants and workers with environments that are better for their health and more joyful to spend time in. This benefits both parties. The indoor air quality, the quantity of natural light, the degree of thermal comfort, and the level of acoustic insulation all benefit the health and productivity of people who live or work in a building [57]. Other elements that have a good impact include the level of acoustic insulation. Acoustic insulation is a component that contributes to these findings, in addition to the characteristics that contribute to these results. In addition, sustainable buildings often have characteristics that are targeted toward the community that

#### *Sustainable Built Environment and Its Implications on Real Estate Development… DOI: http://dx.doi.org/10.5772/intechopen.114078*

surrounds them. These characteristics may include designs favorable to pedestrians, including green areas and mixed-use complexes supporting various activities. Tenants of these venues and other individuals who utilize them benefit from an overall higher quality of life because these traits encourage social contact, participation within the community, and a feeling of place. From a legislative perspective, governments and local authorities all over the globe are steadily supporting and enforcing the adoption of environmentally responsible construction methods. This is happening in both the private and public sectors. The construction business is one that especially exemplifies this pattern of behavior. To encourage and regulate environmentally responsible real estate development, several nations have enacted legislation mandating environmentally responsible building practices, energy efficiency benchmarks, and environmental certifications [58]. If developers do not comply with these standards, they risk having fines assessed for their projects and limits being put on them. Because of this, it is essential to be aware of the many aspects associated with sustainability and include them in real estate construction to traverse the always-shifting legal and regulatory environment successfully. In a word, the consequences of a sustainable built environment on the growth of the real estate market are vast and far-reaching. This market development directly results from the sustainably built environment [59]. For several different reasons, the need to implement environmentally responsible business practices is expanding in the real estate market. These include the fact that sustainable business practices have a positive influence not only on the economy but also on the environment, that they contribute to a stronger sensation of social well-being, and that they play a part in preserving regulatory compliance. Those real estate investors and developers who emphasize environmentally responsible design, construction, and operation will be better positioned to thrive in a market undergoing rapid transformations while contributing to a more sustainable future for future generations. This is because they can reduce their negative impact on the environment while still meeting the needs of current tenants and customers. This is because the relevance of sustainable development is still increasing in the modern day.
