The real estate markets around Asia and the world will transform quickly and adopt "green building practices," both in developing new buildings and improving existing ones, as new government policies drive progress towards addressing climate change and other key environmental issues.
"This transformation will be driven by various combinations of regulation, government incentives and changing market dynamics", according to r.e.design, Asia’s first green real estate guide released here today.
"Tenants, in turn will also help drive the Green Real Estate growth through their corporate social responsibility programmes, desire to attract and retain quality employees and aspiration to improve productivity", says the guide that outlines the urgent need for the real estate industry to address the challenges of climate change and sustainability.
"Green buildings are set to become standard practice and we need to quickly understand them, including how they deliver value to us. The uptake of green building practices in India is now quick and real estate practices are changing accordingly", said Simon Carter, author of the guide and Regional Head of Sustainability Asia Pacific for Collier International, leading property consulting companies.
India currently has about 26 built green buildings covering close to 11 mn square feeet. Out of these five buildings have secured platinum or gold Leed ratings. Currently, 218 buildings have registered themselves to obtain a green certificate, with Mumbai leading the pack with 51 buildings, followed by Chennai at 35. Bangalore has close to 12 buildings registered for receiving the certification.
"The green market in India started with the developed world shifting some of its back offices to India. Unlike other markets, the growth in green buildings is largely driven by occupiers", said Joe Varghese, MD, Collier International India, while making out a case for green estate.
On the cost factor in investing in green buildings, Carter said "Over-focusing on costs can be very misleading. When markets transform, it is the cost of not having a green buidling to lease or sell that will be a matter of concern".
While some of the green buildings may have an initial cost, premium attached towards its construction as compared to conventional buildings, in the long run these buildings could save up to 40 to 80 per cent of energy cost. The energy requirements of some well designed green buildings around the world was as low as 15 per cent than that of a conventional building, said Carter.
"In the changing climatic situation, we need to redesign our buildings and also redesign the way in which we transact, develop, value and manage real estate", he said adding that 9.9 per cent of residential and 5.4 per cent of commercial buildings account for world green gas emission.
Blindly aping the west, may not be the solution to the problem, said Joe underlining the need for coming out with local green solution to address the problem in India.
Speaking about the guide, Carter said it is intended to assist investors, developers and occupiers design strategies that manage the risks and leverage the long term value for their real estate. At its core are four key guides for managing green, developing green, occupying green and creating green and finally living green, he said.
The guide provides tips to save energy, manage waste, reduce operational cost, he added.
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