India Developers Look to Capitalise on Surging EV Sales with Residential Chargers
Updated: Jan 8
In a bid to tap into the growing electric vehicle (EV) market in India, developers are incorporating EV chargers into new residential projects.
With the charging infrastructure struggling to keep up with the soaring EV sales in the country, developers see this as an opportunity to increase the value of their properties and attract more buyers.
While EVs currently account for only 2.4% of vehicle sales in India, research firm Canalys reports that EV sales have grown by 137% to reach 48,000 units in the first half of this year. India aims to have EVs make up a third of total vehicle sales by 2030, but the scarcity of public charging stations poses a challenge to achieving this goal.
According to data from the power ministry, there are currently 435 EVs for every public charging station in India, compared to the United States, which has 26 EVs per charger, as reported by the Alliance for Automotive Innovation.
This disparity has prompted property developers like Sobha, Prestige, Mahindra Lifespace, Kolte-Patil, Brigade and DLF to take advantage of the shortage by incorporating EV chargers into their residential properties.
Developers believe that having EV chargers within residential complexes will attract potential buyers who are considering purchasing EVs. Javed Shafiq Rao, Senior Vice President and Head of Property Management at Prestige, stated, "People considering purchasing EVs want assurance that they will have access to charging facilities within the residential complex." Sobha has gone a step further by launching two residential projects in Bengaluru that offer EV charging facilities in all available parking slots.
While Indian authorities are encouraging the 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 mandates that all new housing complexes above 5,000 square meters have at least one EV charging unit.
Ravneet Phokela, Chief Business Officer of energy firm Ather Energy, highlighted the convenience of home charging, stating, "No matter how fast public charging is, you need to go there, stop there to get the charging done, while in home-charging, you plug it in and your EV is fully charged overnight."
With India expected to see sales of over 10 million EVs per year by 2030, developers who incorporate residential chargers are positioning themselves to benefit from the growing demand for EV infrastructure.
Developers in India are incorporating EV chargers into new residential projects to capitalise on the surging EV sales in the country.
EVs currently account for 2.4% of vehicle sales in India, but sales have grown by 137% in the first half of this year.
The scarcity of public charging stations in India presents an opportunity for developers to increase the value of their properties and attract more buyers.