The Hindu Business Line : Green is the colour of construction

On the commercial front, there is a strong market acceptance as buyers and builders have realised the distinct advantage a green tag holds, despite the higher initial cost.

Real-estate major K. Raheja Corp plans to construct only green buildings from now on. “We will construct only green buildings,” says Mr C.L. Raheja, Chairman of K. Raheja Corp Group, while conceding that the cost component did raise apprehensions a few years ago.

Shree Ram Urban Infrastructure Ltd’s Rs 800-crore residential project — Palais Royale — in Mumbai, is set to qualify as the first residential green building in the country. The 320-metre high-rise could turn out to be one of the tallest residential towers in India, offering eco-compatible features such as 100 per cent water recycling that would prevent 300 million gallons of wastewater flowing into the metro sewerage network every year, besides utilising renewable energy and recycled material.

“We are not sure how the spare capacity of the sewerage treatment can be made available to the Mumbai municipal administration, which has shown keen interest in the facility,” Mr Vikas S. Kasliwal, Vice-Chairman, Shree Ram Infrastructure, says.

Lower maintenance

Mr R S Ajmera, president, Confederation of Real Estate Developers Association of India, says the construction cost goes up by about 10 per cent, but lower day-to-day maintenance is a great advantage in the long run. The payback time for the incremental investment is five to seven years.

Clients can be convinced on the cost factor, especially in commercial space as IT/ITES companies are asking for green buildings. Not only do buyers give priority to such buildings but sale also becomes that much easier for promoters. Green buildings fetch higher rentals and overseas buyers and lessees prefer them, he says.

Developers understand the benefits of going green, says Mr S. Raghupathy, Senior Director and Head, Indian Green Building Council (IGBC). The green image enhances the ability to sell space easily with customers looking for eco-tuned specifications. Average savings amount to 30 per cent in terms of energy, 35 per cent in carbon, 30-50 per cent of water and 50 and 90 per cent in waste disposal expenditure.The IGBC, part of CII-Godrej GBC, which promotes the green building, has as its members all stakeholders of the construction industry — corporate, government and nodal agencies.

The leadership in energy and environmental design (LEED) green building rating system, developed by the US Green Building Council, provides a suite of standards for environmentally-sustainable construction.

LEED certification

Since 1998, LEED has grown to encompass 14,000 projects in the US and 30 countries, covering 1.062 billion sq.ft of developable area. LEED-India promotes a whole-building approach to sustainability and its rating system offers a roadmap for measurement and documentation for every type of building. It is also lining up a rating system for buildings of less than five floors.

From one in 2001, the number of registered LEED green buildings in the country is 181 today with 52 registrations from Mumbai alone.

Benefits

The payback period for incremental building cost (ranging between 8 and 18 per cent in higher cost of construction) is between five and seven years. However, the additional cost is lower if the base design has factored in green features. And, importantly, green buildings qualify for carbon credits, says Mr Raghupathy.

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