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Initial Incremental Capital Investment of 8-10% in a Building's Green Development can be Recovered in 2-3 Years due to Large Savings in Energy and Resource Costs: Colliers International India

Press Trust of India  |  KOLKATA 

/ -- CREDAI Bengal, in association with its knowledge partner released a report titled 'Planning the sustainable way: challenges and the road ahead' at the Global Business Summit, 2019 in

While sustainability has been taught as the core of urban planning and architecture for years, its widespread adoption is yet to pick up in Urban planning in needs to be a creative and scientific process to meet the enormous goals of upgrading the cities to support the growing population, while providing momentum to support the government's 2015 India is home to ~1.34 billion people, almost 18% of total mankind, and one of the few countries witnessing urbanization at the rate of +34%. India has shown the inclination to exceed the sustainable targets and has come a long way in implementing the Sustainable Development Goals (SDGs), with a focused policy level thrust by the government. According to (IGBC), India's current green building footprint is about 5.3 billion square feet, ranked second only to the Policymakers, developers and corporations are increasingly identifying the environmental, social and economic benefits of adopting green initiatives.

"India has exhibited strong intent to promote sustainable development through key initiatives such as the Smart City and among others along with establishing specific standards such as GRIHA. With a framework in place which is evolving, I believe that stakeholders, both public and private, should work towards adoption of the best practices and high standards of green rating," says Joe Verghese, Managing Director, India.

As per Colliers International's estimates, the initial incremental capital investment of 8-10% in a building's green development can be recovered in two to three years due to the large savings in and resource costs. As most development in India is led by the private sector, we believe that there must be both push and pull to increase the green building footprint in India. Incentives and governmental programmes should push developers to increase construction of green buildings while clearer articulation of the benefits of occupying green buildings should pull in end-users.

The (GoI) has several programmes including Smart Cities to meet the burgeoning infrastructure needs and improve the overall development of cities. The Smart Cities Mission, together with Housing for All, is planned to facilitate implementation of the priority Sustainable Development Goals (SDGs), namely poverty, employment, and basic amenities. According to a report released by Ministry of Housing and Urban Affairs, the government aims to build 20 million affordable homes for urban poor by 2022 and initiated the in 2015 to sustainably develop 100 cities across the country making them appealing to citizens by providing environmentally

As per Colliers Research, there are three important factors for successful implementation of large-scale initiatives such as the Firstly, the political willingness with a policy framework being a subset of this factor. The second factor is financial strategies for implementation, and lastly technical wherewithal to execute the project successfully. We believe the critical factor for successful implementation is the transfer of ownership of the projects to private agencies. The private sector offers the capability, bandwidth, and funding mechanism for execution and efficient implementation in a time bound manner.

One such State that has made significant progress in achieving its Sustainable Development Goals (SDGs) is West Bengal, which opted out of the and initiated its own The envisages the implementation of sustainable strategies to support overall city development. The adoption of the Green City Mission and other green building programmes by the is planned to save resources and mitigate environmental impacts. Adopting guidelines and monitoring benchmarks are critical to the success of this project, and we recommend routine programme monitoring to ensure resource conservation and environmental goals are achieved.

"Infrastructure and taken together is a major sector that propels far-ranging development of the economy. Over the past 7 years we have witnessed how the West has laid great emphasis on strengthening existing and building new infrastructure. This has included under its ambit, townships, road networks, industrial infrastructure, etc. Thus, it has also become important to understand the sustainability quotient of such proliferation of infrastructure," says Nandu Belani, Belani Group and at CREDAI

About Group Inc.

(NASDAQ: CIGI) (TSX: CIGI) is a top tier global services and investment management company operating in 69 countries with a workforce of more than 13,000 professionals. Colliers is the fastest-growing publicly listed global services and investment management company, with 2017 corporate revenues of $2.3 billion ($2.7 billion including affiliates). With an enterprising culture and significant employee ownership and control, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide, and through its investment management services platform, has more than $25 billion of assets under management from the world's most respected

Colliers professionals think differently, share great ideas and offer thoughtful and innovative advice to accelerate the success of its clients. Colliers has been ranked among the top 100 global outsourcing firms by the of Outsourcing Professionals for 13 consecutive years, more than any other firm. Colliers is ranked the number one in the world by for two years in a row.

Colliers is led by an experienced leadership team with significant equity ownership and a proven record of delivering more than 20% annualized returns for shareholders, over more than 20 years.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, February 08 2019. 13:20 IST