In the wake of increasing fuel costs, people are slowly inclining towards electric vehicles (EVs). Also, the government has been encouraging use of such vehicles. As a result, there is a necessity to set up more and more charging stations for these vehicles. Besides establishing these charging stations at petrol stations and Metro stations, they are being set up at residential and commercial complexes. There is no exaggeration to say that the realty projects are also offering EV charging station facilities along with gyms, swimming pools and so on.
According to a report, the cost of projects that have EV charging station facilities will go up by 2-5 per cent. The share of EV in the automobile sector is going to cross the 40 percent mark by 2030. The demand for buildings having such stations is increasing. The installation of EV charging stations in existing buildings will multiply many times by 2026. Nature of the buildings, classification of projects having retrofitted natural resources are some of the determining factors in the increase in prices of the projects.
Currently, service providers have been providing EV stations installation facilities at projects. Big projects and gated communities see the residents’ welfare associations setting up these stations. They are collecting money for the purpose from consumers. In future residential projects, 5 percent of the parking space is going to be reserved for EV charging stations, according to JLL India Strategic Consulting and Valuation Advisory Head A Sankar.
To set up the charging stations, Internet of things charging equipment and internet availability are essential. That is why, major residential complex projects and multi-storeyed buildings have been contemplated to establish charging points. However, the cost of installation and limited availability of power are the deciding factor for the premium to be collected. The premium is likely to be 1 percent of the cost. If more than 60 per cent of the residents wish to have the charging points, the premium will be 2-5 percent of the cost.
There is huge demand for office spaces that have EV Charging stations. Some site owners have been establishing these stations with the help of the premium paid by consumers. Some others have been leasing out their land to the service providers and some others are allowing the service providers to set up the stations on a revenue sharing model. The major challenge being encountered is lack of vacant space in parking lots. In some offices, some space has been allotted for the charging stations in the parking spaces. The government departments can establish charging stations and lease them out to private parties or they can lease land on a long-term basis, according to JLL.
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