Maharashtra has firmly established itself as the leader in sustainable real estate, boasting the highest number of green-certified projects in India. This achievement underscores the state’s commitment to eco-friendly development, driven by a range of supportive government policies and incentives aimed at promoting green building practices.
According to a recent report by Savills India, Maharashtra leads the country with 1,094 green real estate projects. This places it ahead of Uttar Pradesh, which has 643 green projects, and Gujarat, with 590. The report also highlights Maharashtra’s and Telangana’s leadership in the total area covered by these green projects, further emphasising the state’s substantial contribution to sustainable urban development.
Maharashtra’s Green Leadership: Maharashtra’s dominance in green real estate is attributed to progressive state policies that incentivise sustainable building. The state offers additional Floor Area Ratio (FAR) benefits for green buildings—3% for silver, 5% for gold, and 7% for platinum-rated projects. Incentives and Support: Uttar Pradesh provides reimbursement for IGBC certification fees, while Gujarat extends financial support for green initiatives. These measures, alongside Maharashtra’s incentives, highlight the states’ efforts to promote green real estate.
National Trends: The broader Indian real estate market is witnessing a significant surge in green building certifications, with over 7,000 IGBC-certified projects covering approximately 1,370 million sq. ft. This trend reflects a growing commitment to sustainability across the sector. Emerging Green Leases: The concept of green leases, where landlords and tenants agree on sustainability targets, is gaining momentum, indicating a shift towards collaborative approaches in achieving environmental goals. Strategies for Advancing Sustainable Real Estate: Collaboration: Effective sustainability requires shared responsibility between landlords and tenants. Data Utilisation: Transparent data on energy and resource usage supports better decision-making and performance tracking.
Financial Incentives: Financial benefits and certification programmes are crucial in encouraging green practices. Awareness and Culture: Fostering a sustainability-focused culture among occupants is key to long-term success. Maharashtra’s leadership in green real estate serves as a benchmark for other states, highlighting the importance of supportive policies and collaborative efforts in driving sustainability. By continuing to embrace and expand green building practices, India is well-positioned to advance towards a more sustainable and resilient future.
