According to property consultant ANAROCK, India’s green building market is estimated to double by 2022 at 10 billion sq ft, valuing around $35-50 billion. Increasing awareness level, environmental benefits and government support will be the growth drivers for India’s green building market in the coming years.
At present, India ranks only second after the US in terms of the number of green technology projects and built-up area. More than 4,300 projects with about 4.7 billion sq.ft of built-up area had registered for green technology as of September 2017.
Though the number appears to be huge, it accounts for only about 5 per cent of the total buildings in India, and hence there is huge potential for further penetration of green building technology.
ANAROCK has defined green building as the practice of using processes and technologies which are environment friendly and energy efficient throughout the building’s lifecycle from siting to design, construction, operation, maintenance, renovation and deconstruction.
ANAROCK says that green buildings can improve the environment’s ecology in numerous ways. It can reduce the energy consumption by 20-30 per cent, water usage by 30-50 per cent and significantly reduce waste generation by extensive recycling.
ANAROCK said that the green building may cost higher by up to 15 per cent than the conventional buildings. Still, the long-term benefits such as low operating costs along with potential health benefits for the occupiers, make it a viable option.