IFC unites with realty players to form consortium

World Bank Group member IFC today said it is collaborating with domestic realty majors to form a Sustainable Housing Leadership Consortium to drive eco-friendly practices, with a particular focus on the affordable housing sector.
"The consortium has been formed with the support of realty firms including Godrej Properties, Mahindra Lifespace Developers Limited, Shapoorji Pallonji Real Estate, Tata Housing Development Company and VBHC Value Homes," IFC said in a statement.
The effort is part of IFC's eco-cities program, supported by the European Union.
"IFC will leverage private sector investments to facilitate greater uptake of certified green buildings, facilitate policy dialogue between the private sector and the government, evaluate technology levers, share best practices, raise public awareness, and identify strategic actions for implementation," said Johann Hesse, Head of Co-operation of the European Union in India.

Buildings contribute to about 30-40 per cent of energy consumption in many Indian cities and about 22 per cent of the country's annual greenhouse gas emissions.
The founding members of the consortium have committed to make 100 percent of their housing portfolio sustainable by 2017 through appropriate green-building certifications and achieve 20 percent reduction in incremental variable costs.
"The consortium will also provide leadership and advocacy for broader industry and government policy actions to make 20 percent of India's new housing construction sustainable by 2022," the release said.