Developers, consultants shift focus to green buildings

Hyderabad: With the growing awareness around health and hygiene as well as the premium that 'sustainable buildings' command, real estate developers and consultants are now increasingly focusing on offering 'Green and Sustainable buildings' – both in the residential and commercial segment.

Recently, a report released by a real estate consultant highlighted that the majority of the corporates are willing to pay a premium to take green-certified buildings on lease as sustainability has become an important consideration along with location and rental. The report also said that the demand for green buildings could outstrip the supply.

One such example is Max Estates, which is developing Grade A office premises that are energy efficient.

"As a Grade A+ office space player that lays great emphasis on sustainable design, energy-efficient operations, and employee wellness via our unique WorkWell philosophy, Max Estates has witnessed a surge in occupancy and demand, with a rise in leasing at a premium rental in 2021. At Max Estates, we have consciously made choices that minimise the carbon footprint during the lifetime of our assets. The sustainability report, released within the first few years of the organisation's inception, outlines Max Estates' core sustainability and ESG strategy, which is divided into several themes including biodiversity, health, and well-being, compliances, circular economy, etc. and corresponding relevant goals. LEED certification & IGBC Rating of all Max Estates' assets is a testimony to the same," Rishi Raj, COO, Max Estates Ltd said.

"Our upcoming project on Noida-Greater Noida expressway, Max Square is designed to be IGBC Platinum certified for both green and health and well being aspects. We aim to ensure all NGT compliances and promote resource circularity by ensuring zero liquid discharge in its operation. Greywater and wastewater are treated to be used for various operations in cooling towers, flushing & maintaining the unique 11,000 square feet central forest courtyard," Rishi added.

And it is not just Max, which is focusing on green and sustainable building. The others too are not far behind.

"Green and sustainable office buildings are non-negotiable today. They are not only critical to reducing carbon emissions to mitigate global warming, but they also have obvious economic benefits – saving energy, water, and operational costs. MNC occupiers/tenants want to see the sustainable footprint and future plans to improve sustainability, before taking a decision on which lease to sign," said Gagan Randev, Executive Director, India Sotheby's International Realty.

"All Grade A developers are pushing the envelope on sustainability metrics of the office campus they build and operate. It must be noted though, while as a country we have managed to improve our green-certified building footprint remarkably, we still have a long distance to cover on embodied carbon emissions – which come from the construction material and design. And this is something that the tenants must now start demanding and be willing to pay extra for. Green construction materials do have a higher cost attached to them," he added.