Maharashtra Leads the Way in Green Real Estate Projects, Uttar Pradesh Follows Closely
Maharashtra tops the list with 1094 green projects, Uttar Pradesh comes second with 643 projects, and Gujarat takes the third spot with 590 projects.
Green Real EstateSustainable DevelopmentMaharashtraUttar PradeshGujaratReal EstateSep 03, 2024
The report notes that Maharashtra's policy of offering incentives for sustainable buildings has played a crucial role in driving the adoption of green building practices in the state. The state government offers 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.
Uttar Pradesh, on the other hand, has implemented policies that incentivize green building through various incentives, such as reimbursement of 50% of IGBC certification fee, with a maximum limit of ₹10 lakh, to hotel/wellness resorts obtaining green rating from IGBC. The government also offers 10% FAR for projects which are pre-certified/provisionally certified as gold or above by IGBC.
Gujarat offers an incentive for green building initiatives by reimbursing up to ₹3 lakh or 50% of the IGBC certification fee, whichever is lower. This financial support significantly encourages the adoption of sustainable building practices, positioning Gujarat as a leader in environmentally responsible development.
The report emphasizes the urgent need to integrate sustainable materials and energy-efficient technologies at every stage of development to effectively combat climate change. As India strides toward its climate objectives, companies across sectors are increasingly adopting sustainable practices.
The real estate industry, a significant contributor to greenhouse gas emissions, is embracing these changes, ensuring that both corporate and asset-level initiatives align with the nation's climate ambitions. This collective effort is driving progress towards a resilient and environmentally sustainable future.
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).
India has seen a substantial increase in green building certifications, with over 7,000 IGBC-certified projects covering an estimated 1,370 million sq. ft. of built-up area.
The concept of green leases is gaining momentum in India, with landlords and tenants collaboratively setting sustainability-linked targets. The report identifies four key pillars for achieving sustainability goals in commercial real estate shared responsibility, data sharing, financial incentives, and behavioural change.
Frequently Asked Questions
What is the ranking of Maharashtra in terms of green real estate projects?
Maharashtra tops the list with 1094 green projects.
What is the policy of Maharashtra government to encourage green building practices?
The state government offers 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.
What is the number of green-certified projects in India?
Over 7,000 IGBC-certified projects covering an estimated 1,370 million sq. ft. of built-up area.
What are the four key pillars for achieving sustainability goals in commercial real estate?
Shared responsibility, data sharing, financial incentives, and behavioural change.
What is the concept of green leases?
The concept of green leases is gaining momentum in India, with landlords and tenants collaboratively setting sustainability-linked targets.
Related News Articles
Keystone Realtors Raises Rs 800 Crore from Institutional Investors
Mumbai-based Keystone Realtors has raised Rs 800 crore by selling shares to institutional investors
Kerala Police Hand Over Mami Missing Case to Crime Branch to Avoid CBI Probe
The Kerala police have handed over the missing case of Mohammad Attur, a prominent real estate businessman, to the Crime Branch to prevent a CBI investigation.
Home Sales in Noida and Greater Noida Increase by 6% in Q3 2024
The residential property market in Noida and Greater Noida witnessed a 6% surge in registrations during the July-September quarter, with a total of 8,128 units sold, according to real estate consultant Square Yards.
Mumbai Real Estate Market Sees Significant Growth in 2024 with 1.41 Lakh Registrations
Mumbai's real estate market is on track to register 1,41,302 property registrations in 2024, marking an 11% increase from the previous year. The market is showing resilience and a growing preference for premium and spacious homes.
2025 Outlook: The Future of Commercial Real Estate in Tier-II and Tier-III Cities
In 2025, we can expect a significant rise in commercial real estate activity in Tier-II and Tier-III cities across India, driven by factors such as low operating costs, ample space, skilled talent, and infrastructure development.
Maharashtra's Transport Minister Pratap Sarnaik Invites CREDAI to Develop MSRTC Land
The Maharashtra Transport Minister, Pratap Sarnaik, has called on the Confederation of Real Estate Developers’ Associations of India (CREDAI) to participate in the development of 1,360 hectares of land owned by the Maharashtra State Road Transport Corpora