Real estate developers have undertaken more than 55 green projects, totalling 32 million sq ft, with the Indian Green Building Council (IGBC), under Confederation of Real Estate Developers Associations of India's (CREDAI) Green Crusaders programme.

These projects are part of the CREDAI programme to develop 4,000 green projects by 2030.

The association has also put together a suggestive policy framework that can help achieve both demand and supply of green development projects in India.

Different state policies have allowed for higher FSI (Floor Space Index) or FAR (Floor Area Ratio) for developers in the case of green-certified projects.

Allowing a higher FSI will incentivise developers which will also lead to higher value creation overall – resulting in a win-win situation. Several states across India have implemented these policies, including Punjab, Rajasthan, West Bengal, Uttar Pradesh, Haryana, Maharashtra, Andhra Pradesh, Gujarat, Kerala and Uttarakhand, it said in a statement.

The builders' body has also suggested that a single window clearance will lead to lesser costs, compliance and enhance the turnaround time for building green projects. In certain states, there is also a provision to provide subsidies and reimbursements on the amount paid to the plant or on fixed capital investment. This should be replicated across the country, it said.