India has over 7,000 IGBC-certified projects

Maharashtra leads India with the highest number of IGBC (Indian Green Building Council) registered projects, followed by Uttar Pradesh and Gujarat. India has witnessed a substantial rise in green building certifications, with over 7,000 IGBC-certified projects encompassing approximately 1,370 million sq. ft. of built-up area. According to Savills India, the concept of green leases is still in its early stages. However, it is gaining momentum due to increasing awareness of sustainability. The demand for sustainable buildings, particularly among multinational corporations with global sustainability objectives, is rising.

The real estate industry, a major contributor to greenhouse gas emissions, is adapting to align with national climate goals. Green-certified buildings lead this transformation, setting new benchmarks in sustainable materials, energy efficiency, and water conservation. These initiatives are critical in reducing carbon footprints and advancing the United Nations' Sustainable Development Goals (SDGs). The report highlights the need to address both embodied carbon emissions from building materials and operational carbon emissions from building operations. Effective government policies, regulations, and incentives are essential for guiding the shift towards low-carbon, energy-efficient buildings. The concept of green leases, where landlords and tenants collaborate on sustainability targets, is also gaining traction. CEO of Savills India, Mr. Anurag Mathur, emphasized that the real estate sector is crucial in driving sustainability and achieving the government's net-zero goals through green technologies and strategies. India's progress towards sustainability in real estate and construction is notable, though it faces significant challenges.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.