Bengaluru, 13 August 2024: With an unwavering focus on sustainable built spaces, occupiers’ preference to lease in green certified buildings has gained momentum in key office markets across India. During Q2 2024, about 13 mn sq ft of office space in the top six cities has been leased in green-certified buildings. This represents a 24% YoY increase and accounts for an impressive 82% share in overall leasing during the quarter. This rapid growth is an indication of the rising awareness amongst corporate occupiers with respect to the role that built structures have to play in containing issues related to climate change through reducing carbon footprint. The share of Bengaluru followed by Mumbai remained significant, together accounting for over 50% of the leases in green-certified buildings in Q2 2024. Interestingly, of the 13 mn sq ft of leases signed in green buildings, about 60% were in relatively newer developments which have come in the last 5 years.

Currently, LEED, GRIHA and WELL are some of the prominent green certifications available in the Indian market, which validate buildings as ‘green’ by assessing various parameters including energy consumption, waste generation and alignment of design with health and wellness aspects. Real estate developers are increasingly aligning their offerings with global sustainability standards, simultaneously presenting various tangible benefits to their tenants including lower operational costs, improved indoor air quality and enhanced employee productivity.

Technology and Engineering & Manufacturing companies at the forefront

About 80% of leasing by technology and engineering & manufacturing firms since 2023 were in green-certified buildings. Moreover, it is noteworthy that 62% of the flex players prefer space take-up in green-certified buildings. Overall, at an India level, technology sector accounted for about 27% share in the cumulative space take up in green-certified buildings since 2023, followed by occupiers from Engineering & Manufacturing and BFSI sectors with about 19% share each.

“Over the last few quarters, developers, investors & occupiers in the office market have increasingly embraced adoption of sustainable elements in their portfolios. With 13 mn sq ft of leasing in green- certified buildings in Q2 2024, a significant 82% of occupiers were inclined towards green-certified buildings. This also reflects occupiers’ strong commitment to align their sustainability goals with the broader sustainability targets of the country. Since 2023, about 70-80% of the space uptake by Engineering & Manufacturing, Technology and BFSI players has been in green-certified buildings. The trend is expected to further accelerate in the next few years. Moreover, SEBI’s mandatory sustainability reporting further provides a thrust to occupiers, investors and developers to increasingly consider green portfolios while meeting their ESG targets, “says Arpit Mehrotra, Managing Director, Office services, India, Colliers.

More than two-thirds of Grade A office stock in India is currently green certified

In tandem with the rise in demand for green-certified building, green building stock is also seeing an increase. According to Colliers, as of June 2024, about 67% of the Grade A office buildings across the top six cities were green certified. Bengaluru and Delhi NCR account for about half of the green office stock in the country. Of the 13.2 mn sq ft of new Grade A office completions in Q2 2024, almost 70% are green-certified. In the next two-three years, majority of the over 150 mn sq ft Grade A office developments in various stages of construction across the six major cities are likely to be green certified, expanding Grade A green stock to over 600 mn sq ft.

“With increased inclination amongst occupiers for green-certified buildings, several Grade A developers are increasing sustainable offerings in their commercial portfolios. During the second quarter of 2024, almost 70% of the new supply was green-certified. With growing demand, developers are also retrofitting ageing office stock and incorporating sustainable elements in overall building design & construction. About 300-350 mn sq ft of commercial building stock older than 10 years hold the potential to get refurbished in the next few years and add to the green-certified office stock of the country.” says Vimal Nadar, Senior Director and Head of Research, Colliers India.

The real estate sector is witnessing a significant surge in home sales, reflecting the robust demand and confidence among homebuyers. In the past few quarters, the industry has seen remarkable volumes, making this a moment of celebration for both developers and buyers. As India proudly celebrates 77 years of Independence, developers have come up with attractive offers and home buyers can take advantage and buy their long-desired home.

Siddha Sejal Group is raising the bar this Independence Day by offering smartly designed 2 & 3 BED Lifestyle Residences at their prestigious project, ALTAIRE COLLECTION at Siddha Sky, Sion NX, starting at an unbeatable price of just Rs.2.05Cr. To make this offer even more irresistible, the developer is providing 77% OFF on Stamp Duty & Registration Rates, no floor rise charges, in addition to a free car park.

Located 400 feet above the ground, Siddha Sky offers an unmatched living experience with its Rooftop Skywalk, providing stunning views of Mumbai’s skyline. Residents can enjoy over 25 amenities on Rooftop Skywalk like Sky Lounge, hammock seating, an amphitheatre, yoga spaces and a telescopic star-gazing point, Joggers Track, making it an opportunity that modern homebuyers cannot afford to miss.

Mr. Samyak Jain, Director, Siddha Group said, “This Independence Day, we warmly invite homebuyers to take advantage of this exceptional offer. Our Independence Day special is not just financially compelling but also crafted to enhance the lifestyle and living experience of our residents. With rising property prices, this is the ideal moment to invest in your dream home.”

Chandak Group is proud to celebrate India’s 77th Independence Day with its ‘Forever Homes Fiesta’ a home sales offer for home buyers. This offer is applicable to 4 of its prime projects namely Chandak Highscape City – Chembur E, Chandak Treesourus – Malad (W), Chandak GreenAiry – Borivali (E) and 34 Park Estate at Goregaon (W). Home buyers purchasing a home in any of these projects during this offer period will get a complete waiver on the registration fees. Home buyers can also avail of discounts given on spot bookings and flexi payment schemes. This offer is valid till 18th August 2024.

Newly launched Chandak Highscape City in Chembur (E) is the largest^, greenest^ and one of the highest^ projects in Chembur set amidst lush, expansive greenery. A natural oasis designed for your family and you, where you get to enjoy modern comforts along with 45+* curated amenities.

34 Park Estate is a luxurious project located in the heart of Goregaon West that offers residents with over 30+ lifestyle amenities. They have recently crossed an important milestone of all terrace slabs being completed. This project is conceptualized and designed by internationally acclaimed global talent, working towards a vision to provide an uber-luxury living experience.

Chandak Treesourus, Malad (W) is an under construction sophisticated residential development which offers a range of housing options, including 2 & 3 BHKs with duplexes and jodi options, all featuring sun-decks. This project stands as a beacon of modern architecture, providing a plethora of lifestyle amenities and lifetime unobstructed views, set amidst more than 3 acres of lush greens.

Chandak GreenAiry, Borivali (E) also an under-construction project is situated in the lap of nature nestled in the tranquil surroundings of Borivali. This project is a haven with luxurious 2BHK balcony residences starting from the 37th floor and above. It offers residents breathtaking views of the Sanjay Gandhi National Park on one side and the captivating cityscape on the other.

These exclusive offers underscores Chandak Group’s commitment to making luxury living more accessible and celebrating the spirit of freedom and prosperity.