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Green buildings transform realty market
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Uptake of green buildings is increasing
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PHOTO: P.V.SIVAKUMAR
Main link: Green buildings help retain quality employees. --
Driven by changing dynamics, the Indian realty market will undergo a transformation and adopt “green building practices,” a new way by which building use natural resources such as water and energy and reduce adverse impact on environment.
“This transformation will be driven by various combinations of regulation, government incentives and changing market dynamics,” according to r.e.design, Asia’s first green real estate guide.
Besides, tenants would also help drive the green real estate growth through their corporate social responsibility programmes, desire to attract and retain quality employees and aspiration to improve productivity, states the guide. ‘
‘The green market in India started with the developed world shifting some of its back offices to India. Unlike other markets, the growth in green buildings is largely driven by occupiers”, said Joe Varghese, MD, Collier International India, while making out a case for green estate. “In the changing climatic situation, we need to redesign our buildings and also redesign the way in which we transact, develop, value and manage real estate.”
He added that 9.9 per cent of residential and 5.4 per cent of commercial buildings account for world green gas emissions. Blindly aping the west may not be the solution to the problem, he said. Joe underlining the need for coming out with local green solution to address the problem in India.
“Green buildings are set to become standard practice and we need to quickly understand them, including how they deliver value to us,” said Simon Carter, author of the guide. , a leading property consulting company.
On the cost factor in investing in green buildings, Mr. Carter said “Over-focusing on costs can be very misleading. When markets transform, it is the cost of not having a green building to lease or sell that will be a matter of concern”.
“The uptake of green building practices in India is now quick and real estate practices are changing accordingly,” he added. India has about 26 built green buildings covering close to 11 million sqft.
Of these five buildings have secured platinum or gold Leed ratings. Currently, 218 buildings have registered themselves to obtain a green certificate, with Mumbai leading the pack with 51 buildings, followed by Chennai at 35. Bangalore has close to 12 buildings registered for receiving the certification. - PTI
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