As electric vehicle (EV) sales in India continue to surge, property developers are taking advantage of the limited public charging infrastructure. Many are now installing EV chargers in parking spaces of new residential developments, aiming to enhance property value and attract buyers in a market where charging stations lag behind the rapidly growing EV market.
Rising demand for EVs in India
EVs made up just 2.4% of India’s vehicle sales in the first half of this year. Still, the market is expanding rapidly, with EV sales increasing by 137% to 48,000 units during the same period, as reported by research firm Canalys. India, with its massive population, has set ambitious targets, aiming for EVs to represent a third of total vehicle sales by 2030. However, the scarcity of public charging infrastructure remains a significant challenge.
A growing disparity between EVs and chargers
India currently has 435 EVs for every public charging station, according to data from the power ministry. This stark disparity is in contrast to the United States, where there are 26 EVs per charger, according to the Alliance for Automotive Innovation.
Property developers seize the opportunity
Property developers are capitalizing on this shortage. They are counting on the appeal of residential properties equipped with EV chargers to attract premium buyers, similar to how amenities like swimming pools have done in the past. This strategy caters to potential EV owners who seek assurance of accessible charging facilities within their residential complexes.
Notable developers, including Mahindra Lifespace, Kolte-Patil, Brigade, and DLF, are betting on the trend and integrating EV charging solutions into their residential developments.
Government support and guidelines
In India, authorities are actively encouraging the installation of charging infrastructure. Each state has developed its guidelines to promote EV adoption and charging availability. For instance, Delhi mandates that 20% of parking spaces must be reserved for EVs; while Uttar Pradesh, the state with the highest number of EV registrations, requires all new housing complexes over 5,000 square metres to have at least one EV charging unit.
A promising future for India’s EV market
The annual Economic Survey predicts that India will witness sales of over 10 million EVs annually by 2030, a significant increase from the previous fiscal year. As the EV market continues to expand, residential developments equipped with EV charging infrastructure are likely to remain an attractive choice for buyers.