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Green buildings lure premium buyers

Green seems to be the latest buzzword in the construction industry.

business Updated: Apr 25, 2011 21:56 IST
Shrenik Avlani

Green seems to be the latest buzzword in the construction industry. “There are 1,046 green projects currently underway across India,” said Shabbir Kanchwala, vice-president, project coordination, K Raheja Corp, which is developing six commercial green projects in Mumbai. “Spaces in these buildings cost marginally more than regular projects.”

“Today a green property is priced 2-25% higher, depending on the rating,” said Gulam Zia, national director, research, Knight Frank. “The ratings are based on guidelines set out by Leed-India, run by the Indian Green Building Council and based on a system developed by TERI and the ministry of new and renewable energy.”

As recently as 2000, buyers had to pay about 30-40% higher for green buildings.

“Though the initial cost for developing a green building may be higher than that of conventional buildings, the long-term benefits are many. This extra cost can be recovered in 2-3 years through energy savings and low maintenance costs,” said Brotin Banerjee, managing director and CEO, Tata Housing.

“There is a huge demand for such properties, especially among business houses who work with western clients,” Zia added.

Wipro, ITC, Infosys, Oracle, Microsoft, Cognizant, ABN Amro and TCS are developing energy-efficient office spaces, campuses and special economic zones.