Sustainable Real
Estate In India - A Pale Shade Of Green
By Mr. Shubhranshu
Pani, JLL India
In the last decade,
there has been a lot of focus on and interest in green commercial buildings
from global and Indian corporates.
This increasing interest has led to an
accelerated availability of green building products, services and also
enthusiasm from builders catering to this segment.
There has also been a
significant increase in 'green' growth in the residential segment.
There are
now investors such as International Finance Corporation, UK government's
Department of International Development (DFID) and the National Housing Bank
involved, which is significantly boosting this segment.
Today, many more
Indian developers have understood that green certification can attract more
customers and investors, and are aligning themselves with green concepts.
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| Shubhranshu Pani, JLL India |
However,
the supply gap is still quite significant, and there is still a definite need
to create a broader spectrum of awareness among end-users.
Another lacuna is on
the banking front - bank loans are an integral factor driving the residential
property market, and unless bankers and lending agencies are trained on the
benefits and importance of green real estate and insist on such features, we
will not see awareness and traction of sustainable properties increase much.
In commercial
properties, there needs to be more clarity on who reaps the benefits - the
owner or the tenant. In view of this, codes have to be made mandatory.
The
Energy Conservation Building Code has to be simplified, and the State
Governments have to ensure that it is made mandatory by all concerned local
bodies. The way things are now, local urban bodies do not have the wherewithal
for implementation.
Indisputable Benefits..!
Green building
concepts, when implemented to the required extent and intent, will help save
water through rainwater harvesting and recycling of waste water, and in reaping
benefits from the water energy nexus.
The compounded annual growth rate of
electricity in the residential segment is over 8%.
One-third of electricity
used in the country is for residential and commercial buildings. Whether it is
water or energy, one can easily achieve benefits to the tune of 25% or more.
Green buildings also
address the major concern area of waste disposal in most of Indian cities. We
already face decreasing availability of landfill sites in these cities, and
green buildings with their integrated waste disposal and recycling systems can
contribute significantly towards decreasing dependence on them.
Incentives &
Concessions
Currently, Indian
cities that offer incentives and concessions for green building development and
use include Kolkata, Noida, Hyderabad and Pune.
Examples of such incentives
include higher FAR and property tax incentives by Greater Hyderabad Municipal
Corporation, the Pune Eco-housing program, etc.
Linking property tax to actual
performance and mandating a simplified region-specific list will help achieve
attain green goals faster and in more cities.
A holistic approach is
preferable to a piece-meal approach.
The positive impacts will accrue faster
when green construction parameters are made mandatory and implemented by all
concerned stakeholders like urban local bodies (municipalities and development
authorities), builders, owners, tenants, electricity distribution companies,
pollution control bodies, water supply and sewerage departments, and State and
Central Governments.
Rating &
Certification
Today, there are a
number of rating and certifying agencies for green construction existing in
India.
These include Indian Green Building Council, US Green Building Council
(EDGE Program), Green Globes, Eco Housing program and MNRE’s GRIHA. Almost all
of the certification programs have common elements of focus, and the benefits
of savings in energy and water, and using local materials are invariably
achieved.
The Time Is Now
There is no question
that population growth in most parts of the urbanized and urbanizing world is
exceeding these areas' ability to accommodate it. Unsustainable growth
inevitably leads to environmental changes which, if they cannot actually be
reversed, at least must be slowed down.
The onus of reducing environmental
degradation obviously does not fall solely on the shoulders of sustainable real
estate.
However, green buildings are definitely an obvious available solution,
since designing and buildings real estate which results in lower emissions is
in every developer's reach today. It is only a question of awareness and
willingness.
In a massively
populated and increasingly populating country like India, the Government is
already severely challenged in making basic resources like water and
electricity available and managing waste.
The situation will not improve
without proactive intervention, and in fact only worsen. Sustainable real
estate can make a significant dent in this resource deficit if it is deployed
in the required magnitude, so we as a country need to 'go green' sooner rather
than later.
About the author..
Mr. Shubhranshu Pani, Managing Director -
Strategic Consulting, JLL India.
+91 22 6620 7575
For media Contact
Arun Chitnis
Head – Corporate
Communications & Media Relations
JLL India
Pune 411001.
Tel: (020) 30930441 Fax:
(020) 40196101
Mob: +91 9657129999
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