The Hyderabad Chapter of the Confederation of Indian Industry’s Indian Green Building Council (IGBC) has been fervently advocating for the provision of incentives to buyers and developers of green-certified residential projects in Telangana.
Despite repeated requests and recommendations submitted to the State government over the past few years, the calls for extending incentives to promote green building initiatives have fallen on deaf ears, lamented the newly elected National Vice Chairman of IGBC. The pressing need for incentivizing green-rated properties comes amidst the growing urgency to promote sustainable practices and reduce the environmental impact of urban development. With the real estate sector witnessing a surge in green building projects, offering incentives would not only encourage greater adoption of eco-friendly practices but also contribute significantly to mitigating climate change and enhancing the overall quality of life for residents. In a bid to raise awareness and showcase the potential of green residential projects, CII’s IGBC is gearing up to host the 2nd edition of the Green Property Show at the Hitex exhibition centre in Hyderabad from May 17 to 19, 2024. The event, which garnered significant traction in its previous edition with a footfall of 12,000 visitors and participation from 75 exhibitors, will feature displays of green residential projects, products, and technologies, along with informative sessions on sustainable practices, drawing competitions, and a lucky draw.
Currently, Hyderabad boasts an impressive tally of 850 green-certified projects, encompassing a total green building space of 1.12 billion square feet. Despite this commendable progress, the State of Telangana ranks third in India, trailing behind Maharashtra and Uttar Pradesh, in terms of registered green footprint of residential projects, with 30.9 crore square feet. Additionally, in terms of green dwellings, Telangana holds the fourth position nationwide, with 2.64 lakh units. As the demand for sustainable living spaces continues to rise, there is an urgent need for proactive measures from the Telangana government to incentivize green building initiatives and accelerate the transition towards a more environmentally conscious urban landscape. By heeding the recommendations put forth by IGBC and other industry stakeholders, the government can play a pivotal role in fostering a culture of sustainability and resilience in the real estate sector, thereby contributing to the long-term well-being of both citizens and the environment.
