Our members undertook 55 green projects as per IGBC norms: Credai

Realtors' apex body CREDAI on Monday said its members have undertaken development of more than 55 green projects across the country as per the norms of Indian Green Building Council (IGBC) and sought loans at concessional interest rates to promote such projects.

In April, Confederation of Real Estate Developers Association of India (CREDAI) entered into a partnership with IGBC to facilitate its members to develop certified environmental-friendly housing projects.

The association had pledged the development of 1,000 green-certified projects in the next two years and 4,000 projects by 2030.

On the occasion of World Environment Day, CREDAI, in a statement, said, "its member developers have undertaken more than 55 green projects, totalling 32 million square feet with the IGBC, under CREDAI's 'Green Crusaders' Programme."

These projects are part of CREDAI's commitment towards developing 4,000 green projects by 2030, it added.

"CREDAI is aggressively striving towards increasing awareness for further adoption of green building practices, which is in line with our overarching objective of achieving net zero for Indian real estate," CREDAI National President Boman Irani said.

He said the CREDAI members across the country are supporting this initiative and hoped that it would lead to a transformative impact on the construction sector.

The association said many states have taken steps to promote green real estate projects and same should be replicated to build a standard national policy framework.

It suggested that green building projects should be eligible for financial assistance in the form of concessional rates from all financial institutions, including banks and NBFCs, besides single-window approval.

Realty firm Krisumi Corporation, which is developing green luxury housing project in Gurugram, MD Mohit Jain said premium developers are increasingly adopting environmentally responsible practices.

"Developers are now adopting energy-efficient designs, implementing carbon footprint control measures, and promoting rainwater harvesting. Double-glazed UPVC windows are commonly used in sustainable developments to regulate internal temperatures and promote ventilation," Jain said.