Every year, after the Diwali celebrations, the pollution levels in India’s major cities, particularly in Delhi, reach alarming levels. This year is no different, with the Air Quality Index (AQI) fluctuating between ‘very poor’ and ‘severe’ categories in the Delhi-NCR region. In response to this environmental crisis, educational institutions in Noida and Ghaziabad have moved classes online.
But this isn’t just a Delhi problem. Other metropolitan areas, including Mumbai, Kolkata, Chennai, and Bengaluru, are also grappling with air pollution issues. The deteriorating quality of air in Indian cities is a problem that cannot be ignored anymore.
Nithin Kamath, Founder and CEO of Zerodha, recently shared his thoughts on the severe pollution levels. He suggested that maybe economic factors could drive change. His idea is simple but intriguing: what if property prices were directly linked to air and water quality?
“Maybe a property price discount for the quality of air and water is the solution. If economics accounted for this, maybe we would all figure this out. Essentially the air and water quality determines the rate for the property,” Kamath wrote in a post on X.
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Kamath’s logic is that if people saw a direct correlation between pollution and the value of their property, it might motivate collective efforts to improve environmental conditions. In theory, a reduction in property prices due to poor air quality could encourage property owners to invest in making their neighbourhoods cleaner, eventually leading to healthier cities.
“Also, this would probably turn a property owner into the owner of the place, and better odds of fixing it if working as a group. For example, if I went from owning a property in JP Nagar and caring for it to caring for my layout in JP Nagar and then the whole of JP Nagar, it could have a better outcome.”
Have a look at this full post here:
You have to wonder what it will take for us to take air pollution more seriously. By the way, this data only covers until 2019, and things have only gotten worse in the last five years.
Maybe a property price discount for the quality of air and water is the solution. If… pic.twitter.com/QtyzkqoG43
— Nithin Kamath (@Nithin0dha) November 24, 2024
Kamath’s post raises a crucial question: why aren’t we taking pollution seriously enough? If economic factors were considered, property owners would have a stronger reason to care about their surroundings, with homeowners coming together to solve the issue of pollution.
Imagine if the value of homes in upscale neighbourhoods dropped significantly due to poor air and water quality, it would certainly get the attention of property owners who might otherwise overlook environmental concerns.
Here’s how people responded to his suggestion:
40 percent of this is due to vehicles . Immediate introduction of 100,000 ac electric buses in India ( China deployed 133,000 last year ) can have a significant impact to reduce congestion and pollution . We have the intent, now need execution at supersonic speed .
— Dr. Sudhir Mehta (@sudhirmehtapune) November 24, 2024
Economic incentives tied to environmental factors could push communities to take responsibility, leading to a healthier, more sustainable future. Time to rethink how we value our environment.
— Sidhharrth S Kumaar (@sidhharrth9) November 25, 2024
True, the actual worth of real estate reduces when one realises that they are actually breathing polluted air and reducing life span, and that even spending crores of rupees on buying a luxury home can’t buy you real luxury.
— Indian Real Estate Index (@IndianREI) November 24, 2024
People should start Boycotting polluted cities and avoid buying houses, then prices will go down. Companies should support their employees in major cities and give them wfh so that it will start a good chain reaction.
Or perhaps companies should start relocating to new cities…
— Rahul Mishra (@yogi__rahul) November 24, 2024
Air pollution is a very serious issue. It contributes to a lot of airborne diseases. Pure, fresh air is the luxury in times of pollution. AQI needs to be taken more seriously.
— Dr. Rahman ?? (@DrMafuzur) November 24, 2024
The dust from construction project, The dust from incomplete roads and continues vehicle traffic from it makes it more worse. Make Indian cities dust free should be our first motto.
— Movie Mango (@Go_Movie_Mango) November 24, 2024
Delhi has replanted the palm tree by cutting banyan, neem and pipal tree… We are blindly cutting tree for infra development, we should drive massive drive for plantation.. It will take time but this the only long term solution
— CA Vivek Kumar Gujrati (@vivekgujrati) November 25, 2024
Interesting point by @Nithin0dha ! Bad air quality might actually affect property prices in metros. Clean air is priceless!
— Abhishek Mall (@abhikmall) November 24, 2024
Delhi is toxic chamber, except few many feel impact of pollution. I spent 1.2 lacs on medicine on headache, cough, fever during winter in 5 yrs & not a single penny since 2015 after i left delhi.
— Fintel (@wisecorps) November 24, 2024
As Delhi continues to make headlines for its toxic air, it’s essential to remember that the problem is not limited to one city. Indian urban centres need to take pollution seriously, and Kamath’s idea might be a step in the right direction.