India's Green Real Estate Boom: Maharashtra Leads the Way
Maharashtra tops the list of green real estate projects, followed by Uttar Pradesh and Gujarat. The state's policy of allowing incentives for sustainable buildings has driven its leadership in green projects.
Green Real EstateSustainable DevelopmentMaharashtraUttar PradeshGujaratIgbcSavills IndiaReal Estate NewsSep 03, 2024
According to a report by Savills India, Maharashtra is followed by Uttar Pradesh with 643 projects and Gujarat with 590 projects. Telangana and Karnataka are also among the top five states with the highest number of green projects.
The report highlights the critical role of government policies and incentives in driving the adoption of green building practices. Maharashtra's policy of offering additional Floor Area Ratio (FAR) of 3%, 5%, and 7% for green buildings rated by the Indian Green Building Council (IGBC) as silver, gold, and platinum, respectively, has been a key factor in its leadership in green projects.
Similarly, Uttar Pradesh and Gujarat have also implemented policies that incentivize green building, such as reimbursement of IGBC certification fees and offering additional FAR for projects that meet certain green building standards.
The report emphasizes the urgent need for the real estate sector to integrate sustainable materials and energy-efficient technologies at every stage of development to combat climate change. With India aiming to achieve net-zero emissions by 2070, the real estate sector is undergoing a significant transformation.
Green-certified buildings are at the forefront of this transformation, setting new standards in the use of sustainable materials, energy-efficient technologies, and water conservation practices. These buildings contribute significantly to reducing the carbon footprint and advancing the United Nations' Sustainable Development Goals (SDGs).
The report identifies four key pillars for achieving sustainability goals in commercial real estate shared responsibility, data sharing, financial incentives, and behavioral change.
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Frequently Asked Questions
What is the main reason for Maharashtra's leadership in green real estate projects?
Maharashtra's policy of allowing incentives for sustainable buildings has driven its leadership in green projects.
Which states are among the top five in terms of the number of green projects?
Telangana, Karnataka, Uttar Pradesh, and Gujarat are among the top five states with the highest number of green projects.
What is the role of government policies in driving the adoption of green building practices?
Government policies and incentives play a critical role in driving the adoption of green building practices, as seen in the case of Maharashtra, Uttar Pradesh, and Gujarat.
What are the four key pillars for achieving sustainability goals in commercial real estate?
The four key pillars are shared responsibility, data sharing, financial incentives, and behavioral change.
What is the significance of green-certified buildings in reducing carbon footprint?
Green-certified buildings contribute significantly to reducing the carbon footprint and advancing the United Nations' Sustainable Development Goals (SDGs).
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