Vertical Farming: Revolutionizing India’s Real Estate Landscape
Posted On August 5, 2023
Vertical farming is an innovative approach to agricultural production that holds immense potential to transform the real estate landscape in India.
As the demand to buy residential properties in India continues to surge, the scarcity of available land poses a significant challenge. This is where vertical farming comes in handy for the real estate industry in India. It can help by freeing up land that would otherwise be used for farming and making the movement of goods more efficient.
Vertical farming, as highlighted by the Economic Times, encompasses the practice of growing crops within vertically stacked layers, typically in controlled environments. This technique employs hydroponic or aeroponic systems alongside LED lighting. Its key advantage lies in its ability to facilitate year-round crop cultivation, bypassing the constraints of traditional weather conditions while optimizing land use through vertical space utilization.
Adopting this modern agricultural approach minimizes water and pesticide usage compared to conventional farming methods. Notably, vertical farming bears the potential to address food security concerns, diminish the ecological footprint of agriculture, and potentially reshape urban landscapes. It achieves the latter by enabling farming in spaces with limited access to land, offering a promising solution to evolving agricultural and real estate challenges.
a) Bengaluru-based Future Farms has established vertical farming solutions using hydroponics to grow various leafy greens and herbs. Their vertical farms, including residential complexes, are integrated into urban spaces to provide fresh produce locally.
b) ITC Limited, a conglomerate in India, has ventured into vertical farming through its ITC Agri Business Division subsidiary. They have set up vertical farms in Gurugram, Haryana, utilizing hydroponics to grow crops, including lettuce, basil, and microgreens.
c) Green Spirit Farms, a multinational company, has partnered with Indian conglomerate Mahindra Group to implement vertical farming in India. Their vertical farms incorporate automated systems and advanced technologies to grow a diverse range of crops sustainably.
Addressing Land Scarcity and Food Security in India
In 2023, India’s population is estimated to be over 1,428 million, accounting for approximately 17.76% of the global population, securing its position as the most populous country. This rapid population growth is intertwined with swift urbanization trends, driving a surge in demand for residential properties in India.
However, this phenomenon creates a dual challenge encompassing housing and food provision. The escalating urbanization process perpetuates a cycle wherein cities expand at the expense of agricultural land, undermining vital food production. Vertical farming emerges as a potential solution by harnessing vertical space within structures, optimizing land utilization, and ensuring a consistent localized food supply. This innovative approach promises to alleviate housing and food security pressures, addressing the intricate interplay between urbanization, land availability, and sustenance needs.
Sustainability and Resource Efficiency
The integration of vertical farming in India also presents economic opportunities and ample new jobs in the market, focusing on the specific skill of managing such vertical farms. As per industry expert estimates, the vertical farming market in India is expected to reach USD 3 billion by 2025. This growth will generate employment in agriculture, technology, and associated sectors, contributing to local economic development. As the cognitive awareness for maintaining sustainable food production capabilities grows, we will see a more significant chunk of the population wanting to buy residential properties in India that incorporate spaces within its architecture for vertical farming.
Vertical farming is fast emerging as a transformative solution for India’s real estate market, effectively tackling land scarcity, food security, and resource management challenges. As the nation prioritizes sustainable urban development and inclusive growth, the surge in demand for residential properties, particularly evident in upcoming properties in Gurugram and the evolving real estate in Pune, prompts a rapid embrace of this novel concept.
This transition underscores the integration of vertical farms into top-tier residential properties, ushering in a future-oriented sustainable approach. This innovative synergy addresses the burgeoning housing requirements and ensures localized food production. By optimizing land usage and enhancing logistical efficiencies, vertical farming redefines agricultural possibilities and reshapes India’s real estate sector. This strategic alignment envisions a harmonious coexistence of urban expansion and essential agricultural productivity, laying the foundation for a promising and holistic future.