Green building industry in India will grow 20% by 2018 driven largely by environmental regulations and demand for healthier neighborhoods, according to a study by U.S. Green Building Council (USGBC).
New high-rise residential, commercial and mixed-use development are expected to be the top three sectors for green building growth in India, said the report named Dodge Data & Analytics World Green Building Trends 2016 SmartMarket Report.
“As countries like India continue to urbanize at a breathtaking pace they need the necessary tools that support stable and sustainable economic growth,” said Rick Fedrizzi, chief executive officer and founding chair, USGBC, adding, “International business leaders and policy makers recognize that a commitment to transforming the built environment is crucial to addressing major environmental challenges.”
Green buildings offer significant operational cost savings compared with conventional buildings. The survey respondents expect a 14% savings in operational costs over five-year for new green buildings and 13% savings in operational costs over five years for green retrofit and renovation projects. Also green buildings whether new or renovated command a 7% increase in asset value over conventional buildings.
The report, conducted in nearly 70 countries, also demonstrates that global green building market continues to double every three years.
Green building market has touched $1 trillion mark, backed by increasing consumer demand. This has led to a corresponding increase in the scope and size of the green building materials market, which is expected to reach $234 billion by 2019.
There are about 75,000 commercial projects participating in LEED (Leadership in Energy and Environmental Design) across the globe, with 1.85 million sq ft of building space getting LEED certified daily. In India, there are more than 1,990 projects comprising more than 822 million sq ft of space participating in LEED.
“The growth of LEED reflects its global adaptability as the world’s most widely used and recognized system guiding the design, construction, operations and maintenance of green buildings,” said Mahesh Ramanujam, COO, USGBC