Green buildings account for 31% of total office space in top-6 cities
Nearly one-third of total office spaces in six major cities have been certified as green buildings, as real estate developers are focusing more on sustainability aspects in their projects, according to CBRE.
New Delhi: Nearly one-third of total office spaces in six major cities have been certified as green buildings, as real estate developers are focusing more on sustainability aspects in their projects, according to CBRE.
In its report 'Indian Real Estate's ESG (environmental, social and governance) Landscape and its Progress to a Sustainable Future', property consultant CBRE has analysed office stock for the top six cities (Delhi-NCR, Mumbai, Pune, Hyderabad, Bangalore and Chennai) to ascertain the status of green-certified stock in these cities.
"Certified green office stock grew by 177 per cent to 212 million square feet in Q3, 2021 (July-September) from under 80 million square feet in 2011," the report said. Over the past decade, the consultant said, green real estate assets have grown tremendously, and their share in the total office stock has increased from 24 per cent in 2011 to 31 per cent in 2021.
"Certified stock (of office space) has also increased substantially, growing at a CAGR of 10.7 per cent compared to 7.7 per cent for the overall stock since 2011," the report said. In the past five years, CBRE said, there has been a 37 per cent increase in the supply of certified buildings, as compared to the previous five years (2012-2016). "This indicates that the Indian real estate sector is becoming more aware of its responsibility towards ESG principles and moving rapidly towards imbibing sustainability in its assets," the report said. Delhi-NCR and Bengaluru together account for about 54 per cent of the total certified office stock of India.
