55% of India's commercial, residential realty will go green by 2021: Study

India is expected to see strong growth in the green building sector with nearly 55 per cent of all projects likely pursuing green by 2021, a recent survey said.

According to the Dodge Data and Analytics World Green Building Trends 2018 SmartMarket Report, India anticipates strong growth in several building sectors including new commercial construction, new high-rise residential, commercial interiors, new institutional construction, and green communities.

Nearly two-thirds of the survey participants report that using a rating system like LEED allows them to create a better performing building, and more than half of respondents believe that rating systems provide third-party verification that ensures buildings are in fact green.

"LEED has helped transform building practices over the last two decades and continues to push the top performers, but we know that we can't leave any buildings behind if we are to create a lasting environmental impact," US Green Building Council President and CEO Mahesh Ramanujam said.

As per the report, overall, global green building activity continues to rise, with significant increases expected in 19 countries over the next three years.

"The global green building industry stands poised for even more rapid growth, it underscores the need for third-party validating systems like LEED," he said.

In order for all of this expected growth to come to fruition, we need to have a framework through which we better track how buildings are measured and managed, Ramanujam said.

"By putting all buildings on the same path to sustainability, we can achieve a viable future for all," he added.

The report further stated that while client demands and environmental regulations remain top motivators worldwide, creating healthier buildings emerged as an important trigger for building green.

Nearly 63 per cent of Indian respondents said improved occupant health is the most important benefit of green building.

Additionally, respondents from India rated environmental reasons for building green, such as reducing energy and water consumption, and protecting resources very high, the report said.

The study further noted that new commercial construction remains by far the biggest driver of green building on a global scale, notably in markets like India.

"However, the majority of respondents from five countries say green retrofits are in the pipeline, compared to a 37 per cent global average, suggesting that existing buildings and operational benchmarking will be key opportunities for growth," the report said.

India is one of the top eight countries for its use of metrics to quantify the benefits of green buildings, though only 24 per cent of Indian respondents expect to do a green retrofit in the next three years.