Sustainable Real Estate Development in India: Maharashtra Leads the Way
Maharashtra tops the list of green real estate projects, followed by Uttar Pradesh and Gujarat, according to a report by Savills India.
Sustainable Real EstateGreen BuildingsNetzero EmissionsIgbc CertificationGreen LeasesReal Estate MaharashtraSep 03, 2024
According to a report by Savills India, Maharashtra also leads in terms of the highest average size of green-certified real estate assets at around 0.37 million sq ft, followed by Telangana at 0.36 million sq ft. The report highlights the critical strategies and innovative approaches that are setting new standards for sustainable real estate development in India.
The Indian government has set ambitious goals to achieve net-zero emissions by 2070, and the real estate sector is undergoing a significant transformation to contribute to this goal. The report emphasizes the urgent need to integrate sustainable materials and energy-efficient technologies at every stage of development to effectively combat climate change.
Maharashtra's leadership in green projects stems from the progressive policies and efforts of the government. The state government has been supportive of green initiatives, offering various incentives such as additional FAR of 3%, 5%, and 7% for green buildings rated by IGBC as silver, gold, and platinum, respectively.
Uttar Pradesh and Gujarat have also implemented policies that incentivize green building through various incentives. These incentives play a crucial role in driving the adoption of green building practices, helping these states lead the way in sustainable development.
The report highlights the importance of green-certified buildings in 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 behavioral change.
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Frequently Asked Questions
What is the ranking of Maharashtra in terms of green real estate projects?
Maharashtra tops the list of green real estate projects with a total of 1094 projects.
What is the average size of green-certified real estate assets in Maharashtra?
The average size of green-certified real estate assets in Maharashtra is around 0.37 million sq ft.
What are the incentives offered by the Maharashtra government for green buildings?
The Maharashtra government offers additional FAR of 3%, 5%, and 7% for green buildings rated by IGBC as silver, gold, and platinum, respectively.
What is the concept of green leases?
Green leases are agreements between landlords and tenants that collaboratively set sustainability-linked targets.
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.
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