On June 12, a significant partnership was announced, marking a pioneering collaboration in the private sector. Real estate giant K Raheja Corp has joined forces with the Clinton Climate Initiative (CCI), under the leadership of former US President Bill Clinton, to retrofit its properties nationwide with the goal of significantly reducing greenhouse gas emissions.
Among the locations chosen for this ambitious project is Mumbai, where K Raheja Corp is already underway with retrofitting initiatives at Inorbit Mall in Malad and a hotel in Powai. These are among the first sites in a long-term plan that includes over 20 buildings slated for retrofitting.
While the idea of constructing green buildings has gained traction, retrofitting existing structures remains relatively novel. This initiative not only focuses on cutting energy costs but also aims to enhance the company's international reputation.
Shabbir Kanchwala, Associate Vice President at K Raheja Corp, stated, “We have signed a first-ever project development under the Clinton Climate Initiative and are working on the energy audit with Johnson Controls, one of the efficiency leaders introduced by CCI. And it’s not just about energy saving.”
He further noted, “Our aim is to reduce energy expenses by approximately 20-25% while also achieving a 20% reduction in water consumption. Moreover, we are preparing for the future since we lease properties rather than sell them, catering to major corporations like Microsoft that prefer slick and eco-friendly office environments. We are pioneers in this retrofitting movement, and our proactive measures will provide us with a competitive advantage.”
Operations have commenced in both Mumbai and Hyderabad, with retrofitting planned for 50 lakh square feet of built space. The procedure will incorporate advanced technologies such as smart glass, which allows light without letting in heat, as well as more efficient air conditioning systems. Additionally, sewage treatment techniques will be employed to conserve and recycle water.
Although retrofitting has primarily been witnessed in government buildings, its adoption within the private sector is steadily increasing. Sanjay Seth, an Energy Economist with the Bureau of Energy Efficiency, commented, “While several government facilities, under CPWD, such as Rashtrapati Bhawan and the Prime Minister’s Office, have undergone retrofitting, the concept is beginning to resonate within the private sector, where retrofitting for emission reduction creates a beneficial scenario for all involved.”