NAREDCO Maharashtra Teams Up with IFC for Sustainable Real Estate Development by 2025
The Real Estate Developers Association of Maharashtra (NAREDCO) is collaborating with the International Finance Corporation (IFC) to promote sustainable real estate practices, positioning Maharashtra as a leader in green building and development. This par
Sustainable Real EstateGreen BuildingNaredcoIfcMaharashtraReal Estate MumbaiFeb 04, 2025
This collaboration is aimed at transforming the real estate landscape in Maharashtra, making it a leader in green building practices and environmental sustainability.
NAREDCO, established in 1981, is a prominent real estate developers' association in Maharashtra, dedicated to promoting ethical and professional standards in the industry.
The association represents over 2,000 real estate developers and has been instrumental in shaping the real estate policies and regulations in the state.
The IFC, a member of the World Bank Group, is a global organization focused on promoting private sector development in developing countries.
With its expertise in sustainable development and green building practices, the IFC is well-positioned to support NAREDCO in achieving its goals.
This partnership will focus on several key areas, including the development of sustainable building standards, the promotion of energy-efficient practices, and the reduction of carbon emissions.
The initiative aims to create a framework for green building certifications, which will encourage developers to adopt eco-friendly construction methods and materials.
Additionally, the partnership will provide training and capacity-building programs for real estate developers, architects, and other stakeholders in the industry.
These programs will cover topics such as sustainable design, green building technologies, and environmental impact assessments.
The Mumbai property market, one of the most significant in the state, is already experiencing significant growth, particularly during key festivals like Navratri.
This growth presents an excellent opportunity to integrate sustainable practices into new and existing projects.
The partnership between NAREDCO and the IFC is expected to not only benefit the environment but also enhance the market appeal of properties developed using sustainable methods.
Real estate developers in Maharashtra are increasingly recognizing the importance of environmental sustainability and are eager to adopt best practices.
The collaboration with the IFC will provide them with the necessary tools and resources to make this transition smoothly and effectively.
In a statement, the president of NAREDCO expressed enthusiasm about the partnership, stating, 'This collaboration with the IFC is a significant step towards achieving our vision of sustainable development in the real estate sector.
We are committed to working closely with the IFC to create a greener and more sustainable future for our state.'
The IFC's regional director echoed this sentiment, emphasizing the organization's commitment to supporting sustainable development in emerging markets.
'The real estate sector in Maharashtra has tremendous potential, and we are excited to partner with NAREDCO to unlock this potential by promoting green building practices and environmental sustainability.'
As part of this initiative, NAREDCO and the IFC will also work on developing case studies and success stories to showcase the benefits of sustainable real estate development.
These case studies will serve as models for other developers and stakeholders in the industry, encouraging the widespread adoption of green building practices.
The partnership is expected to have a positive impact on the overall real estate market in Maharashtra, fostering a culture of sustainability and innovation.
It is a step towards a more sustainable and resilient future, where the real estate sector plays a vital role in protecting the environment and improving the quality of life for communities across the state.
Frequently Asked Questions
What is NAREDCO?
NAREDCO, or the Real Estate Developers Association of Maharashtra, is a prominent association established in 1981. It represents over 2,000 real estate developers and is dedicated to promoting ethical and professional standards in the industry.
What is the IFC?
The International Finance Corporation (IFC) is a member of the World Bank Group and focuses on promoting private sector development in developing countries. It has expertise in sustainable development and green building practices.
What is the main goal of the partnership between NAREDCO and the IFC?
The main goal of the partnership is to drive sustainable real estate development in Maharashtra by 2025, focusing on reducing carbon emissions, promoting energy efficiency, and developing sustainable building standards.
How will the partnership benefit the real estate market in Maharashtra?
The partnership will benefit the real estate market by providing training and capacity-building programs, creating a framework for green building certifications, and showcasing the benefits of sustainable real estate development through case studies and success stories.
What is the significance of the Mumbai property market in this initiative?
The Mumbai property market, one of the most significant in Maharashtra, is experiencing significant growth, especially during festivals like Navratri. This growth provides an excellent opportunity to integrate sustainable practices into new and existing projects.
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