Our focus remains on achieving net-zero energy buildings and staying at the forefront of industry trends.
Deep Vadodaria,
How is the concept of green buildings gaining traction in India?
I am happy to say that green building is not just a concept anymore but an actual phenomenon in India.
Green buildings aim to minimize negative environmental impact and have a positive impact through efficient use of resources and improving quality of life. Although sustainability has always been a part of our culture as a civilization, we have been slow at integrating technology into our sustainable lifestyle; But that is changing now. One of the best examples to prove our conscious efforts is the Rajiv Gandhi International Airport in Hyderabad. It is Asia's first and the world's second airport to receive LEED silver certification.
From a consumption perspective, green buildings are gaining traction in India due to increasing awareness of climate change and the need to reduce carbon emissions. The Indian government has taken a multi-layered approach to promote sustainability in real estate, including incentives like tax rebates for green buildings and implementing green certifications. Urban renewal and the development of smart cities with eco-friendly infrastructure has also driven the adoption of green buildings. For example, Deakin University's carbon-neutral campus in Gift City, Gujarat exemplifies compliance with global sustainability norms.
Green building is also driven by the fact that it attracts foreign investment. By adopting global standards, we stand out as a more desirable destination than others.
What is the latest trend in residential and commercial buildings in adopting green practices?
The latest trend in green buildings is a move towards net-zero energy and rectifying the damage caused due to construction. Water harvesting has been around for some time but we are becoming more efficient. Green buildings should essentially generate as much power as they consume and return it back to the grid. This is achieved primarily through extensive use of solar panels and advanced energy storage systems. There will be a surge in net-zero energy buildings in India during 2024. These buildings greatly reduce carbon emissions and provide long-term cost savings, making them highly desirable.
Urban renewal projects are also adopting green practices by transforming abandoned industrial areas into eco-friendly pedestrian communities with efficient public transit and smart infrastructure that optimizes resource use. For example, Gift City in Gujarat demonstrates how new city development projects are being designed with sustainability as a priority. Gift City itself is IGBC Platinum rated.
The adoption of green practices is being driven by climate change awareness, government regulations, and consumer demand. There is a segment of environmentally conscious consumers willing to pay a premium for sustainable living. The revolution has started in major economic hubs like Ahmedabad, Bengaluru, and Hyderabad catering to this urban market before spreading to other cities. Real estate developers are incorporating green materials, energy efficient systems, and renewable energy to meet expectations.
What are your major activities and achievements towards green practices in your projects?
At Nila Spaces, our unwavering commitment is directed towards embedding sustainable practices in our projects, with a primary goal of achieving carbon neutrality aligned with global climate action objectives. Our approach involves integrating IGBC Platinum-rated green building designs to minimize greenhouse gas emissions, complemented by the use of high-quality carbon credits to offset any residual environmental impact. Additionally, our focus on Carbon Handprints emphasizes finding innovative solutions to help end customers reduce their carbon footprint.
Our flagship project, VIDA in GIFT City, stands as a testament to these efforts. In collaboration with Deloitte, we conducted a thorough carbon accounting exercise, adhering to ISO and GHG protocol standards. This not only quantified operational and embodied carbon emissions but also established a meticulous roadmap for mitigation and neutralization. To maintain accountability, we've partnered with Deloitte for ongoing quarterly assessments of our carbon emission patterns.
Another noteworthy project is the Deakin University campus, the first foreign institution to establish a presence in India. As architects for this ground-breaking venture, we ensured the space was inherently carbon neutral from its inception. These achievements underscore our dedication to sustainable practices in every facet of our projects.
What are the strategies adopted by the company to bring in sustainability in your projects?
At Nila Spaces, we take a rudimentary approach to sustainability considering all three scopes of emissions. Steel, cement and concrete are the main causes of emissions while construction. We do not shy away from calling them out and take responsibility to offset those emissions. We generate our carbon credits through biofuels and solar energy and help take charge of authenticity.
We have also identified that while doing a one-time carbon neutral project is desirable, we need to maintain the carbon neutrality status. Our customers choose us for that premium and hence the additional support of an ESG Report.
What is your market outlook in green buildings?
The outlook for green buildings in India is highly promising, with the market projected to double to 10 billion sq ft and valued at US$ 35-50 billion. Government policies like tax rebates for IGBC/GRIHA certified buildings and urban housing programs are driving growth. Green certified commercial space has already crossed 40% of Grade A office stock in major cities and could reach 50% in the next decade as occupiers demand sustainability.
A lot of this is also dependent on awareness. I do not want to take names but there is a lot of Green Washing. But at the same time the consumer is demanding change.
What are your future plans?
Looking ahead, at Nila Spaces, our future plans are centred on elevating our commitment to sustainability. We will continue refining our carbon neutrality initiatives, with ongoing quarterly assessments in partnership with Deloitte to ensure accountability.
Our focus remains on achieving net-zero energy buildings and staying at the forefront of industry trends, particularly in urban renewal projects. As the market for green buildings in India is set to double, valued at US$ 35-50 billion, we aim to expand our presence by leveraging government incentives and meeting the growing consumer demand for sustainable living. Our goal is to exceed the expectations of environmentally conscious consumers and contribute significantly to the country's green building market.
