Developers take the Leed to cut costs and carbon footprint

Developers in India are increasingly focused on green building projects, as businesses start to value the economic benefits of such developments and as the country strives to reduce its carbon footprint.

India has the highest number of sustainable real estate projects after the United States, at more than 4,300 developments, according to the Mumbai-based property consultancy Anarock.

“True, this is only 5 per cent of the total buildings in India,” says Anuj Puri, chairman of Anarock, “however, the country’s market for green buildings is expected to double in the next few years and may reach up to 10 billion square feet by as early as 2022, at a valuation of between $35 billion [Dh128bn] to $50bn.”

Green building technologies can reduce energy consumption by up to 30 per cent and halve water consumption, according to Anarock.

India’s government has pledged to reduce carbon emissions under the Paris climate change agreement, signed in 2016. The country is the third-highest carbon emitter in the world and real estate is a major offender.

Hiranandani Group, based in Mumbai, is one developer that is focusing on green initiatives within its projects.

Niranjan Hiranandani, managing director of the firm, said the company’s township in Powai in the northern suburbs of Mumbai recycles four million of litres of sewage water every day and has planted four million trees spread over 250 acres.

Meanwhile, the developer boasts the highest number of Platinum Leed (Leadership in Energy and Environmental Design)-certified buildings in the city, the highest category in the world’s most widely used green building rating system.

“Making green buildings is not only viable, but it makes business and economic sense,” says Mr Hiranandani. He says the savings on energy spend continue over the lifespan of a building.

“Obviously there is some investment that you have to put in at the beginning, but ultimately the payback is so good.”

Mr Hiranandani says the average residential consumer in India “was still not that conscious” with regards to seeking out green buildings when making a purchase decision, but that commercial buyers “were far more conscious” because of the long-term cost savings.