Sustainability is taking centre stage in India's urban development narrative with real estate developers increasingly embracing smart building technologies and eco-friendly construction practices. From energy-efficient designs, IoT-enabled building management systems, and solar integrations to rainwater harvesting, green roofs, and sustainable materials, developers are aligning their projects with global green standards and government mandates like IGBC (Indian Green Building Council) and GRIHA (Green Rating for Integrated Habitat Assessment).
According to data by real estate consultancy firm Savills, there has been a surge in green building certifications, with over 7,000 IGBC certified projects in India, accounting for an estimated total built-up area of 1,370 million square feet (msf), across various states.
Market observers say that the demand for eco-friendly spaces is growing, and the realty sector is now focusing more on integrating advanced techniques for the betterment of the environment and making sustainable buildings.
Sandeep Chhillar, Founder and Chairman of Landmark Group, said that there is a critical need for decarbonising assets, addressing both embodied and operational carbon, so as developers, it is a collective responsibility to build eco-friendly and sustainable buildings.
“We are committed to developing mindful projects catering to eco-conscious systems. The journey towards smart buildings and sustainable living is not merely an environmental imperative but also a strategic business advantage. Developers are now embracing new-age technologies and integrating sustainable practices from conception to completion,” Chhillar said.
Office realty goes green
A joint report by KPMG and Colliers, titled ‘Sustainable real estate: an opportunity to leverage’, highlights that 94 percent of surveyed real estate companies acknowledge that green buildings significantly boost property valuation.
The report states that green-certified buildings now comprise 61 percent of Grade-A office stock in India, totalling 421 msf. These buildings, equipped with energy-efficient technologies, not only reduce waste but also yield substantial operational cost savings, lower vacancy rates, and higher occupancy. The focus on certifications like LEED (Leadership in Energy and Environmental Design) and GRIHA is paramount.
Real estate developers said that the realty sector is now focusing more on integrating advanced techniques for the betterment of the environment.
Vikas Dua, Director at real estate firm Chintamanis, said that the real estate sector can pioneer sustainable design and create lasting benefits for communities and the planet by constructing resilient green buildings.
“We must adopt green practices across every stage of development and construction, and we at Chintamanis demonstrate this spirit with innovative technological interventions such as smart-building analytics, biophilic design, water conservation and recycling, dual plumbing, wide and large balconies, green spaces, among others," he said.
Rising investments
Real estate consultant Cushman & Wakefield's 2024 Sustainability report highlights that investments in sustainable real estate are on the rise, with the green building market expected to contribute $39 billion by 2025. This growth is driven by increasing environmental awareness, regulatory support, and the economic benefits of green buildings, such as reduced operational costs and enhanced property values.
The adoption of green building certifications such as LEED, IGBC, GRIHA, and BEE (Bureau of Energy Efficiency) has been pivotal in promoting eco-friendly construction practices, the report said.
Umang Jindal, CEO at Homeland Group, which is a founding member of the IGBC, said that sustainability and green buildings are transforming India's real estate landscape, driven by a combination of regulatory frameworks, market demand, and technological advancements.
He said that the real estate sector is committed to building a greener future by incorporating a wide range of environmentally responsible practices across its developments.
“Developers’ sustainability initiatives should go beyond compliance, focusing on innovation, efficiency, and long-term impact. The commitment to the environment includes promoting the use of eco-friendly building materials, advanced construction technology such as the Mivan framework, optimising waste management, integration of solar and other renewable systems, and optimum use of natural light and ventilation,” he said.
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