Green Building Market in India

10thOctober 2016 – Navi Mumbai, India: Market Report on India present the latest report on “Green Building Market in India”, Growth in green building market in India is also likely to bring about enormous economic growth by creation of a new industrial sector.

India has a great tradition of building environment friendly homes throughout its history. Various renewable and natural items like bamboo, agricultural residues, clay etc. have traditionally been used in vast areas of India, particularly in rural areas. But the concept of modern green building having minimum impact on environment began to grow in late 1990’s. Then the rating system for green buildings started in early 2000’s with the formation Green Rating for Integrated Habitat Assessment (GRIHA) by the TERI and MNRE and then Indian Green Building Council (IGBC). Since then green building movement in India gained tremendous impetus over the years. Now there are more than 4500 green building projects in India with about 4.17 Billion Square Feet built-up area which is only second after the USA in terms of built area as well as number of projects. But the current stock of green buildings in India is only 5% of the total buildings in India that shows the massive market potential of green buildings in India.

Green buildings are being considered as the modern day architectural marvels because of their potential to protect environment and transforming real estate market substantially. India’s National Housing Bank (NHB) – India’s state-owned housing financial institution has projected that India's real estate sector is expected to surpass US$ 150 Billion industry by 2020, building on initiatives such as smart city mission. Green buildings being a special segment of the real estate industry as whole and ongoing trends of promotion of sustainable development, a substantial party of the real estate market is going to be in green building sector. As per the industry estimates, for the new buildings, India’s...