India's Green Revolution: Maharashtra Leads the Way in Sustainable Real Estate
Maharashtra tops the list of green real estate projects in India, followed by Uttar Pradesh and Gujarat, according to a report by Savills India.
Green Real EstateSustainable DevelopmentMaharashtraUttar PradeshGujaratIgbcSavills IndiaReal Estate MaharashtraSep 03, 2024
According to a report by Savills India, there are over 7000 IGBC-green certified projects across the top 15 states and union territories in India. The report highlights the growing importance of sustainable real estate in India, driven by government initiatives and increasing awareness among developers and consumers.
Maharashtra and Telangana have taken the lead in terms of total million sq ft of space, with an average project size of 0.36-0.37 mn sq ft. Karnataka, Gujarat, and Tamil Nadu form the second cluster, with project sizes ranging from 0.25-0.27 mn sq ft. Uttar Pradesh and Delhi form the third cluster, with project sizes averaging 0.18 mn sq ft.
The report attributes Maharashtra's leadership in green projects to the state government's supportive policies, including incentives such as additional FAR of 3%, 5%, and 7% for green buildings rated by IGBC as silver, gold, and platinum, respectively. Uttar Pradesh has also implemented policies to incentivize green building, including reimbursement of 50% of IGBC certification fees and 10% FAR for projects pre-certified or provisionally certified as gold or above by IGBC.
Gujarat offers an incentive for green building initiatives by reimbursing up to Rs 3 lakh or 50% of the IGBC certification fee, whichever is lower. This financial support has encouraged the adoption of sustainable building practices, positioning Gujarat as a leader in environmentally responsible development.
The report highlights the growing importance of sustainable real estate in India, driven by government initiatives and increasing awareness among developers and consumers. As the demand for green buildings continues to rise, it is likely that more states will follow Maharashtra's lead in promoting sustainable development practices.
In terms of the total number of green projects, Telangana is ranked fourth with 519 projects, Karnataka with 501 projects is ranked fifth, Tamil Nadu takes the sixth place with 495 green projects and Haryana is ranked seventh with 450 projects. Delhi is ranked 14th with 242 green projects.
The report also highlights the importance of collaborative efforts between the government, developers, and consumers to promote sustainable development practices. As the demand for green buildings continues to rise, it is likely that more states will follow Maharashtra's lead in promoting sustainable development practices.
With the Indian government's focus on sustainable development and reducing carbon emissions, the demand for green buildings is expected to rise in the coming years. As the country continues to urbanize, it is likely that sustainable real estate will play a crucial role in shaping the future of Indian cities.
Frequently Asked Questions
Which state has the most number of green real estate projects in India?
Maharashtra has the most number of green real estate projects in India, with a total of 1094 projects.
What is the average project size of green real estate projects in Maharashtra and Telangana?
The average project size of green real estate projects in Maharashtra and Telangana is 0.36-0.37 mn sq ft.
What incentives does the Maharashtra government offer for green buildings?
The Maharashtra government offers incentives such as additional FAR of 3%, 5%, and 7% for green buildings rated by IGBC as silver, gold, and platinum, respectively.
Which other states are promoting sustainable development practices?
Uttar Pradesh and Gujarat are also promoting sustainable development practices, with incentives such as reimbursement of IGBC certification fees and additional FAR for green projects.
What is the expected demand for green buildings in India in the coming years?
The demand for green buildings is expected to rise in the coming years, driven by the Indian government's focus on sustainable development and reducing carbon emissions.
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