LONDON, Dec. 7, 2016 /PRNewswire/ -- 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 set 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 green building market is projected to be in the range of US$ 30 Billion to US$ 40 Billion.
Almost three fourth of the buildings to be constructed in India by 2030 are yet to be built. As the awareness about green buildings is on the rise along with favorable policies, a major portion of these buildings will be green buildings.
The new high-rise residential, communities and mixed-use development are expected to be the top three sectors for green building growth in India in the coming years. Environment friendliness and reduced operating costs are already among the parameters real estate customers consider serious before investing. The promotion of green buildings – the aspect it largely lacked till three-four years ago, is going to have immense impact on the future green building market.
Growth in green building market in India is also likely to bring about enormous economic growth by creation of a new industrial sector. The notion of green building being a completely new in India, there are very few number of existing professionals in the sector. But as the market grows, there will be demand for architects, technicians, energy experts, environmentalists, consultants etc. having adequate knowledge of the sector. Some of the green building rating agency providers like IGBC or GRIHA has already started building professionals dedicated for green buildings. In next one decade or even less, the trend will enhance remarkably. As the worth of green buildings is being perceived by more sections of the society with the passage of time, the ultimate objective of sustainability i.e. economic development maintaining the environment looks easy to achieve.
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