Maharashtra stands out as the leader in Indian Green Building Council (IGBC) registered projects, showcasing the state’s commitment to sustainable real estate development. Following Maharashtra, Uttar Pradesh and Gujarat also demonstrate significant engagement in green building practices. As of the latest data, India has seen a remarkable rise in green building certifications, with over 7,000 IGBC-certified projects encompassing approximately 1,370 million square feet of built-up area. This surge reflects a growing recognition of the importance of sustainability in construction and real estate.

According to a recent report by Savills India, the concept of green leases is still emerging but is gaining momentum. Green leases involve collaboration between landlords and tenants to meet sustainability targets, and are becoming increasingly relevant due to heightened awareness of environmental impacts. This trend is particularly significant among multinational corporations that are driven by global sustainability objectives and are seeking to align their operations with these goals.

The real estate industry, historically a major contributor to greenhouse gas emissions, is undergoing a transformative shift to meet national climate targets. Green-certified buildings are leading this transformation by setting new standards for sustainable materials, energy efficiency, and water conservation. These initiatives are crucial for reducing carbon footprints and advancing the United Nations' Sustainable Development Goals (SDGs). The industry’s focus is not only on operational carbon emissions but also on embodied carbon emissions from building materials.

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Effective government policies, regulations, and incentives play a vital role in guiding the transition towards low-carbon, energy-efficient buildings. The evolving concept of green leases highlights the growing collaboration between stakeholders in promoting sustainability. Mr. Anurag Mathur, CEO of Savills India, emphasizes that the real estate sector is pivotal in driving sustainability and achieving the government’s net-zero goals through innovative green technologies and strategies.

India’s progress in integrating sustainability into real estate and construction is noteworthy, yet the sector faces significant challenges. Addressing these challenges and accelerating the adoption of green building practices will be essential for achieving long-term sustainability goals.

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