Led by the IFC, founding members of the consortium include leading real-estate developers Godrej Properties, Mahindra Lifespace Developers, Shapoorji Pallonji Real Estate, Tata Housing Development Company and VBHC Value Homes and joined by the financial institutions HDFC and PNB Housing Finance Corporation.
With an aim to achieve nearly 20 per cent of country's new housing developments to be green by 2022, IFC has joined hands with five developers and two financial institutions to form Sustainable Housing Leadership Consortium (SHLC).
"A first-of-its-kind, voluntary, private sector-led initiative, SHLC is working towards mainstreaming green homes in India and aims at least 20 per cent of India's new housing developments to be green by 2022," IFC Country Head India Jun Zhang told reporters here.
Led by the IFC, founding members of the consortium include leading real-estate developers Godrej Properties, Mahindra Lifespace Developers, Shapoorji Pallonji Real Estate, Tata Housing Development Company and VBHC Value Homes and joined by the financial institutions HDFC and PNB Housing Finance Corporation.
The aim of the consortium members is make 100 per cent of their new housing portfolio green, thereby contributing 110 million square feet of green housing by 2020.
SHLC also has the support and participation of the Ministry of Housing and Urban Affairs (MHUA). SHLC will also work with institutions like TERI to understand green technologies, which developers can adopt to make their projects green.
In order to achieve the target of 20 per cent green buildings in next five years, a trillion dollar of investment will be required so that 2.5 million units can be created.
"Through SHLC we are trying to crack on various fronts. While working with TERI, National Skill Development Corporation, technology providers, contractors we expect to come up with solutions and also talk to the government to see what policy interventions they can come up with," Shapoorji Pallonji Real Estate CEO Venkatesh Gopalkrishnan said.
Talking about the need to have a policy in place for green initiatives, Tata Housing Managing Director and CEO Brotin Banerjee said, "Currently, the government doesn't have any specific policy for green buildings. We are trying to get them (government) to get these policy measures in various states and developers."
Pirojsha Godrej, Executive Chairman of Godrej Properties said customers will have immense benefits as the overall cost of power and water will be cut down.
(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)
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