Developers in India are increasingly focusing on green building projects, as businesses start to value the economic benefits of such developments and as the country strives to reduce its carbon footprint.
India has the highest number of sustainable real estate projects after the United States, at more than 4,300 developments, according to the Mumbai-based property consultancy Anarock.
“True, this is only 5 per cent of the total buildings in India,” says Anuj Puri, the chairman of Anarock, "however, the country’s market for green buildings is expected to double in the next few years and may reach up to 10 billion square feet by as early as 2022, at a valuation of between $35 billion to $50bn.”
Green building technologies can reduce a building’s energy consumption by up to 30 per cent and halve water consumption, according to Anarock.
India's government has pledged to reduce carbon emissions under the Paris climate change agreement. The country is the third-highest carbon emitter in the world and real estate is a major offender.
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