Indian metros could become future green hubs says property consulting firm
30 September 2008
The growing global environment crisis has fuelled an awareness to adopt the concept of sustainability sooner than later. According to a research report, Greenomics, by property consulting firm Jones Lang LaSalle Meghraj, the Indian construction industry is growing at 10 per cent as compared to the global average of 5.2 per cent, and that the country is expected to develop 110 million sq ft of green space over the next few years.
It said India is expected to develop 110 million sq ft of green space and utilise $365 million of green building material and equipment.
According to the report a green building can recover its additional costs in a payback period of two - three years.
Accoding to the report, sustainable development has a triple impact on bottom-line results, as it considers environmental and social development along with economic development.
The tangible benefits of green buildings accrue from the operational cost savings, reduced carbon emission credits and high rentals or capital values. Green Buildings are more energy efficient, consume less water and reduce construction waste. The intangible benefits are generated from a healthy living environment and better working conditions within the building.
Anuj Puri, chairman and country head, Jones Lang LaSalle Meghraj, says, "The challenges faced inherent in the development of green buildings in India are the extra investment in an unstable real estate market scenario, and the difficulty in sourcing green building material and sustainability consultants. Extra investments can be recovered in the medium-to-long term from the non-sustainability discount, which gives green buildings a higher rental value than conventional buildings in their vicinity, and via the carbon credits that can be earned from the reduced GHG emissions."