A green building, by definition, is one which conserves natural resources, is energy efficient, and a healthier space for its occupants as compared to a conventional building. In India, the green building movement has been pioneered by CII which set up the Indian Green Building Council in 2001 at the behest of then US President Bill Clinton. India has since rapidly moved up the ladder with the ITC and Patni structures ranking as two of the largest Platinum certified structures globally. At last count, India had a total of 52 certified green buildings and 428 green projects.
While some tend to argue that the cost of setting up a green building tends to be higher than a conventional one, the converts point out the energy savings that kick in along with reduced operating costs mean that the difference in costs can be recovered within the first three years of the building lifecycle. At the ITC Green Centre for instance, energy usage is pegged at 1,30,000 units instead of 6,30,000 units if this building was made with business as usual approach. ITC is now in the process of extending its green initiatives to all upcoming, and existing hotel properties, with the latest one, ITC Royal Gardenia in Bangalore aiming to be carbon positive by next year.
While most large real estate developers too have climbed onto the green bandwagon proclaiming that their future projects will be green, there has been some amount of reluctance since the cost benefits that kick in would be beneficial to the end consumer and not the developer. While green may cost marginally more than conventional spaces, it’s almost certain that as it grows in popularity, going green will provide a very compelling cost equation that few smart businesses will be able to resist.
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