siliconindia | | November 20188in my opinionBy Mahesh Khaitan, Director, Salarpuria Sattva GroupOne of the key players in the Indian real estate industry, Salarpuria Sattva Group is a prominent fi gure in building technically reinforced & innovative residential as well as commercial projects, creating a benchmark for the development trend in the market.strong economy is fueling the growth of the core sectors in the country, and the real estate industry is no exception. Although the market is experiencing a general slowdown over the last two years, urbanisation, rapid migration, and job creation are fueling the sustained growth of the real estate sector ­ both commercial and residential. An aspect common to this growth is the growing demand for sustainability in the industry. A question commonly asked by consumers is whether the projects constructed are `green' or `sustainable' certifi ed. Sustainable projects use less energy & water, generate fewer greenhouse gases, use materials more effi ciently, and produce less waste than the conventional buildings over their entire life cycle. While the cost of the building initially may be on the higher side due to the adoption of sustainable practices, in the long run, this is offset by much lower operating costs and better health benefi ts. Most of the residential developments by leading players have incorporated sustainable practices, while stringent norms apply to the commercial real estate, which constitutes a wide array of building types such as offi ces, institutions, hotels, IT parks, shopping malls, retail markets, and others. Homebuyers and corporates are increasingly showing an inclination towards sustainability, prompting developers to incorporate sustainability practices.Government Mandates Green MovesGovernment bodies like the National Green Tribunal and State Environment Impact Assessment Authority (SEIAA) are strictly watching to see if any environmental violations are being committed. The government has passed some mandatory strictures on all buildings that occupy a certain amount of space or house more than a certain number of people. It strives to standardize the techniques and materials used in construction. In addition to strict norms, green buildings require a host of certifi cations from agencies such as IGBC (Indian Green Building Council), LEED (Leadership in Energy and CONSUMERS DEMAND SUSTAINABILITY IN REAL ESTATEA.Mahesh Khaitan
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