It's high time for the developers in the city to embrace green practices. With the Center's eagerly anticipated green rating project set to launch on August 6, environmental watchdogs are keen to promote commercial structures that adhere to energy efficiency standards. Developers looking to assess whether their buildings comply with these green norms can have their energy efficiency levels evaluated by the Tata Energy Research Institute (TERI) as part of this initiative. Successful candidates will receive a green energy certificate from TERI.
The West Bengal Green Energy Development Corporation (WBGEDC) is advocating for mandatory evaluations for all commercial and IT buildings in the area. This green rating project will kick off in the presence of TERI's director, R K Pachauri, who also leads the Nobel Prize-winning Intergovernmental Panel on Climate Change. He will address key environmental matters alongside Chief Minister Buddhadeb Bhattacharjee.
S P Ganchowdhuri, managing director of WBGEDC, noted that the primary aim of this initiative is to heighten awareness among both developers and the public regarding the usage of green energy and its potential to mitigate traditional energy consumption. "The project will encompass all new and upcoming commercial buildings in the state. Developers need to apply to TERI for an assessment of their buildings' energy efficiency levels. They will earn a green certificate once TERI verifies their compliance with necessary energy conservation steps. This evaluation will provide developers with insights on constructing energy-efficient buildings while minimizing conventional energy usage,” he elaborated.
The director expressed a desire to make this certification scheme compulsory across all commercial properties in the city. With numerous commercial and IT buildings sprouting up in Rajarhat and Salt Lake, the push for mandatory green ratings is gaining momentum. The proposal will soon be presented to the state government.
The government has prioritised environmental concerns, particularly regarding air pollution and the impact of climate change stemming from global warming. Recently, Chief Minister Buddhadeb Bhattacharjee announced during a World Environment Day event that he had invited Pachauri to offer recommendations on pollution control and environmental preservation.
Bhattacharjee emphasized the importance of collaborative efforts among state agencies like the environment department, disaster management authority, and science and technology department to devise a comprehensive strategy. Notably, the state's Expert Appraisal Committee has already mandated rainwater harvesting in all new multi-storeyed real estate projects to maintain groundwater levels.
In another significant development, a London-based real estate marketing firm noted during property road shows in the US and UK that Ahmedabad is now a considerable competitor to Goa and Mumbai when it comes to attracting inquiries from non-resident Indians (NRIs). Where NRIs previously constituted 5-15% of sales, they now account for 15-30% as demand for Indian real estate in the US and UK continues to grow. Ahmedabad is becoming increasingly appealing, as stated by Rajeev Goenka, chairman and CEO of Axiom Estates, dedicated to marketing Indian real estate to NRIs.
Goenka shared, "Among nearly 300 property developments highlighted from 20 Indian cities, only about half a dozen properties from Ahmedabad were featured. Yet, it garnered the most significant response.” This momentum explains why approximately 80 local realtors are set to visit the US next month as part of the Gujarat Institute of Housing and Estate Developers (GIHED)'s inaugural international property shows in New Jersey and Chicago. GIHED vice-president Suresh Patel remarked that post-US sub-prime crisis, NRIs have become more confident about investing in India, viewing it as a better long-term investment. With pricing still favorable in Ahmedabad, the city's luxury properties, including bungalows and high-end apartments, are particularly attractive to NRIs.
Additionally, Rajni Ajmera, president of Credai, commented that NRIs appreciate Ahmedabad for its excellent quality of life and superior infrastructure covering roads, power supplies, healthcare, and retail.
Lastly, Essar Realty Holdings, the real estate division of the Essar Group, has clinched the contract to develop a Rs 500-crore five-star hotel, utility center, and multiplex at the forthcoming Multimodal International Hub Airport in Nagpur. In partnership with the US-based hospitality group Accor Hospitality, Essar Realty aims to develop and manage this new hotel venture.
Not too long ago, the Maharashtra Airport Development Company (MADC), responsible for the air cargo hub in Nagpur, had issued invites for bids on this hotel and convention center project. Essar Realty bid through its subsidiary Yojna Realties, competing with G L Raheja group, which is known for Raheja Constructions. Chirag Ramakrishna, managing director of Essar Realty, remarked, "The MADC deal will reinforce our long-term commitment to the real estate sector as we explore additional opportunities.”
This five-star hotel is earmarked for a 10-acre site adjacent to National Highway VII on the Nagpur-Wardha road and will provide accommodation for up to 1,000 guests. It will also comprise service apartments tailored for executives on extended stays. The MADC project represents Essar Realty’s second largest property acquisition in the past six months. Previously, the firm acquired Peninsula Land’s (PLL) Kurla commercial project for around Rs 1,200 crore, gaining approximately 9 lakh square feet of commercial space within the forthcoming Peninsula Tech Park project. The anticipated Nagpur airport project, which boasts an investment of Rs 3,000 crore, is scheduled for completion within four years, thus enhancing India’s capabilities in handling air cargo operations.
To note, India's air cargo traffic has burgeoned from 7.97 lakh tonnes in 1999-2000 to 8.4 lakh tonnes in 2001-02, and now surpasses 10.6 lakh tonnes. MADC has already secured an MoU with Deccan Cargo for managing the cargo hub at the international airport in Nagpur.