As new government policies propel progress towards tackling climate change and other crucial environmental concerns, real estate markets across Asia and globally are poised for rapid transformation, embracing green building concepts. This shift applies to both the development of new structures and the enhancement of existing ones. Several factors contribute to this movement, including a confluence of regulations, government incentives, and evolving market dynamics.
House renters will also play a pivotal role in fostering the expansion of Green Real Estate through corporate social responsibility initiatives, the desire to attract and retain high-quality employees, and the overarching aspiration for improvement. India currently boasts approximately twenty-six completed green buildings, encompassing nearly eleven million square feet. Presently, over two hundred buildings have registered for green certification. Mumbai leads the charge with fifty-one buildings, followed by Chennai with thirty-five. Bangalore has close to twelve buildings registered for certification. Originating in the developed world, the green building market is now gaining traction in India, with growth largely fueled by occupiers' demands.
While the initial construction costs of green buildings may exceed those of conventional buildings, these structures offer substantial long-term savings. They possess the potential to reduce energy costs by 40-80%. In fact, the most energy efficient green building can use as little as 15% less energy as a building designed in the original way.