**1. Introduction**

Goubran et al. assert that adopting sustainable practices within the building industry is significantly influenced by the established green and sustainable building and real-estate standards (GSBRES) [1]. Consequently, it becomes imperative to evaluate the extent to which these standards facilitate the attainment of the United Nations' Sustainable Development Goals (SDGs). This evaluation is particularly

pertinent as the future viability of the real estate industry is increasingly contingent upon environmentally responsible practices in land development. Overall, there is a discernible shift in the real estate sector toward prioritizing ecological sustainability. According to Szopiska-Mularz and Lehmann's analysis, all housing estates cause irreparable environmental harm. The promotional materials do not specify the housing estates' ecological indicators, such as how the new development will compensate for the loss of natural ecosystems [2]. Position to build communities conscious of their impact on the environment will have an edge over their contemporaries in terms of their potential to attract buyers. This may be attributable to the growing tendency of investors to express a desire for ecologically sensitive residences, which has gained momentum in recent years. The idea of "sustainable development" may be understood differently. Still, most frequently, it refers to the practice of building buildings and other structures to reduce the amount of damage done to the natural environment around them. According to Cruz et al., implementing the most effective procedures and techniques will be necessary to accomplish this objective, ultimately leading to more sustainable development [3]. In addition to this, it necessitates the implementation of a comprehensive and long-term plan, which, in turn, ensures adherence to a methodology known as "sustainable sustainability." This includes everything, from the components employed in the building to the running of the facility after it is finished. This considers everything. For real estate development to be called sustainable, it must first fulfill the requirements of the present while preserving future generations' ability to meet their requirements. The whole life cycle of the project needs to be considered throughout the planning stages of sustainable real estate development [4]. It is necessary to consider a development project's impact on the surrounding environment at each step, beginning with acquiring materials and continuing to the facility's final demolition or decommissioning. For properties to be sustainable over the long term, they must be planned with this goal during the design phase. They must adapt to environmental changes while preserving their functioning over time. The ecologically friendly real estate market has seen substantial growth due to recent industry breakthroughs. This surge is closely connected to implementing incentive systems, as Qian, Queena K., Ke Fan, and Edwin HW Chan proposed. The legal and administrative frameworks create procedures crucial in encouraging efforts related to green building (GB). They contribute to strengthening developers' dedication to elevated environmental standards. Nevertheless, Qian et al. emphasize a significant omission in assessing secondary expenses incurred by parties involved in green construction transactions. They promote the importance of comprehending these concealed transaction costs (TCs), which is crucial for a precise assessment of the cost–benefit dynamics of green buildings and the efficacy of associated policies [5]. In addition to these advancements, there has been a discernible rise in the accessibility of environmentally sustainable building methods and materials. According to Liu et al., this tendency is based on the increasing awareness among the population about the need for environmental conservation. The proliferation of this consciousness across several dimensions has played a crucial role in the rise and advancement of green building concepts. Liu et al. highlight the importance of sustainable practices in attaining sustainable development objectives by incorporating green construction into a broader global sustainability framework. They recognize the wide range of environmental factors that need to be considered [6]. In the past, the price of environmentally friendly building materials has often been higher than that of their more traditional equivalents. In the construction domain, attaining "net zero" energy consumption, wherein a structure generates an equivalent amount of energy to what

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

it consumes, is becoming more and more attainable. Constructors prioritize altering existing systems as a financially efficient approach to achieve this goal, especially considering the increasing need for buildings that use no net energy. Emphasizing the importance of this pattern, academics Azhgaliyeva, Dina, Anant Kapoor, and Yang Liu underscore the crucial function of private investment in bolstering renewable energy and energy efficiency initiatives, particularly in the ASEAN area [7]. Their data shows that significant green bonds in the ASEAN region are specifically allocated to these programs. Simultaneously, there is an increasing trend toward using alternative energy sources such as solar and wind power in environmentally conscious real estate development. This indicates a more significant movement toward sustainable energy practices and a decreased dependence on fossil fuels [8]. It is typical for renewable forms of energy to have a greater cost of entry initially. However, using these sources can, over their lifetime, result in financial savings by lowering total energy costs and enhancing a building's cost-effectiveness. There are several reasons to have a positive outlook on the future of environmentally conscious real estate development. Both the continual advancement of technology and the growing awareness of the significance of environmental problems may be credited for the rise in the number of initiatives favorable to the environment. Advocates for high-efficiency, energy-optimized buildings have considerable obstacles in providing the economic justification necessary to encourage development and investment choices among stakeholders in the commercial real estate industry. In their scientific investigation, Zhu, Cindy, and their colleagues acknowledge that while renewable energy sources may need more significant initial investment, they consistently result in long-term financial benefits by reducing overall energy costs and improving the economic efficiency of buildings [9]. Although a growing amount of evidence highlights the improved financial performance of green buildings, including lower operational costs and additional benefits such as a better workplace environment and increased employee productivity, those who support green buildings still face a challenging task in convincingly proving these profit margins. The main tactic to attract investors often highlights the possibility of higher rental fees, although this method still presents significant difficulties in the industry. Because of this discovery, both the environment and the future of the real estate industry will be able to let out a sigh of relief. The natural world, as well as human businesses, may both stand to profit from more sustainable practices. In the current climate, many people are interested in doing business with companies that positively contribute to improving society. Buildings and communities that are ecologically sustainable are one way in which real estate developers may demonstrate their commitment to making a big difference in the world. This will assist in bringing in new and existing customers and help you hold on to the customers you already have. Additionally, investors are increasingly interested in ecologically sound building practices within the real estate sector. A great number of investors look for possibilities to put their money into companies that will have an impact on the wider world. Developing financially and socially beneficial real estate is a good technique for achieving this objective, and sustainable real estate development is a great way to do it. The practice of developing real estate in a way that is both ecologically and economically sustainable is advantageous for all parties concerned. It benefits the earth's well-being, is lucrative for companies, and is important for society. Real estate methods that are ecologically, socially, and economically sustainable may give rise to buildings and communities with these characteristics. Implementing sustainable real estate development methods is essential to address the difficulties posed by climate change and the depletion of

natural resources and meet the need for resilient and dynamic environments for future generations [10]. According to Van Niekerk (year), the sustainable development goals (SDGs) constitute a huge step forward in this quest, and he emphasizes this point. However, during the last several years, there has been a marked improvement in both the understanding of inclusive economics and sustainability indicators. This has increased our capability to reduce economic exclusion, notably due to global inequities [11].
