CREDAI, IGBC ink pact to construct 4,000 green, sustainable realty projects by 2030

Realty developers’ body the Confederation of Real Estate Developers Association of India (CREDAI) has entered a nation-wide partnership with Indian Green Building Council (IGBC), with a commitment to develop over 4,000 green and sustainable projects by 2030.

As part of this alliance, the developers’ body will build over 1,000 certified green Projects in the next two years across India, out of the planned 4,000 projects, through adoption of IGBC Green and Net Zero building ratings.

The partnership will effectively lead to addition of over 4,00,000 housing units in the green development category across the country.

“Indian Real Estate stands at a cusp of a revolution, and we at CREDAI are focussed to facilitate growth for all stakeholders involved. We intend to continue to work closely with the Government to ensure a more conducive eco-system that enables sustainable growth, providing complete transparency and enhancing governance standards for our homebuyers and ancillary industries,” said Boman Irani, National President, CREDAI.

This is the first alliance being formed after Irani, on Saturday, took over as CREDAI (National) President for 2023-2025. Domnic Romell has also been appointed as President of CREDAI-MCHI.

“The Mumbai Metropolitan Region (MMR) remains one of the most valuable property markets in the country, contributing majorly to the state and national economy. MMR will contribute around 20% of the proposed construction of green buildings including commercial and residential properties until 2030,” said DomNIC Romell, Presidenti, CREDAI-MCHI.

The CREDAI-IGBC partnership is expected to allow the exchange of necessary know-how and help strengthen the capabilities of realty developers to build and develop sustainable projects.As an extension to meeting CREDAI’s goal of reducing carbon footprint by 2030 and achieving carbon neutrality by 2050, this alliance is likely to provide an impetus towards charting a roadmap for the same and aligns the developers’ body to the country’s vision of reaching Net Zero by 2070.

The building sector in India is growing at a rapid pace and contributing immensely to the growth of the economy. The green concepts and techniques in the building sector can help address issues like water efficiency, energy efficiency, reduction in fossil fuel use in commuting, handling of consumer waste and conserving natural resources. Most importantly, these concepts can enhance occupant health, happiness, and well-being.