A report on the green
real estate sector brings out multi - stakeholder perspectives on the
challenges, gaps and key drivers for the green real estate sector in India
today.
While construction
processes are increasingly adopting environmental improvements,waste
minimisation practices and resource inputs,are getting less attention.
One of the key
objectives of the national mission on sustainable habitat,released by the
Indian prime minister in 2008, was to extend the energy conservation building
code to new and large buildings, to ensure energy efficiency in a significant
way. However, even after six years of its release, the uptake of sustainability
principles are slow in the real estate sector.
There is an array of
challenges & barriers ailing the green real estate sector in India, which
get further amplified since its value chain presents different &
conflicting views on the sector's revival.
The objective of this
study is to bridge this gap and to bring out insights that would help fuel
sustainable growth in the green real estate sector.72% of respondents believe
that the high costs of green real estate buildings are a major impediment to
the growth of this sector.
Close to 50% of the
same set of respondents also believe that the high costs incurred on green
buildings,is just a notion and that the cost of green buildings is equivalent
to that of normal buildings. This highlights a potential lack of understanding
among stakeholders about benefits of green buildings.
The recommendations
highlight the pertinent need to increase stakeholder awareness about the
holistic benefits of green buildings. The study recommends significant changes
to overcome these barriers &
highlights the urgent need for all stakeholders such as real estate
developers, financial institutions, real estate fund managers, green building
& landscape architect companies,
ESCos, construction material manufacturers & large pro-sustainability
conglomerates, to come together to build & increase awareness on the
tangible and intangible benefits of green buildings.
It also stresses on
the need to have stricter enforcement of existing regulations,along with a
national level policy on all future commercial real estate projects.
'India's Natural
Capital Leaders - A Compendium' - Key highlights of the report:
The fast depleting
stock of the natural capital globally, is making it imperative for the industry
to look into ways to reduce its resource consumption to mitigate this impending
risk. It is equally important for the industry to look at their resource
consumption from a holistic perspective & incorporate consumption of
natural resources such as air, water, land, biodiversity and other dependent
services, as part of their operations.
The compendium aims
to facilitate this process by presenting the best practices by various
corporates in India as identified in the Eco-corporate category of the Natural
Capital awards. The compendium highlights case studies from industry leaders
adopting a zero-water discharge policy and aiming for a water positive status
in their operations.
Another such case
highlights utilising the treated effluent water for providing irrigation in the
surrounding area, thus, sustaining agriculture and creating raw material. The
cases listed in the compendium span across business efficiency improvement
measures, to CSR initiatives and represent the best practices adopted by the
companies to conserve natural capital and support livelihood.
The compendium also
reveals that the most important driving force behind exemplary environmental
performance of companies, is establishing an environment management policy
framework endorsed by the board.
Src: YES Bank's
thought leadership report with TERI BCSD, on the Green Real Estate Sector
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