International Finance Corporation (IFC), a member of the World Bank Group, today said it has partnered the realtors' apex body CREDAI to promote development of green buildings in the country.
The MoU was signed in the presence of Minister for Environment and Forests Prakash Javadekar, IFC said in a statement.
"IFC and the Confederation of Real Estate Developers' Associations of India (CREDAI) have partnered to promote green buildings in the country through IFC's EDGE certification," it added.
EDGE, which stands for 'Excellence in Design for Greater Efficiencies, is a standard that focuses on energy and water efficiency in buildings.
As per the agreement, CREDAI will encourage its members, including local chapters, to incorporate resource efficiency in their design using EDGE.
To qualify for the certification, these efficiencies must result in savings of at least 20 percent in energy, water, and materials over the local standard practices.
IFC would train members and share global best practices and knowledge with CREDAI on green building technologies.
"This partnership has the potential to transform the housing market and put India in a leading position to apply a green rating system for homes on a large scale," CREDAI President (Elect) Geetamber Anand said.