Sustainable Green Architecture India
Despite its considerable public relations problems — an overwhelmed bureaucracy, widespread corruption, well-documented violence against women and massive inequality among other pressing issues — investors are forging ahead in India. The country’s property market is robust and the construction boom is underpinning markets in other parts of the world due to a trickle down in demand for resources: think Perth’s property growth on the back of the regional mining industry.
Jones Lang LaSalle India’s review of Indian residential property in 2012 stated that Mumbai’s residential section started to pick up after almost two years of relative sluggishness, driven largely by increasing demand and stable pricing. Capital values grew between 9 and 10 percent. “The increased demand for residential units came from robust commercial office market activity in south central Mumbai. Also, these sub- markets benefited from more attractive pricing when compared to premium addresses of South Mumbai,” explained Ramesh Nair, Managing Director for West, Jones Lang LaSalle India. Nair predicted 2013 would see more project launches, particularly in Mumbai where demand is strongest.
So India is a major mover and shaker on the investment front, but investors are well known to be increasingly choosy about where they live and/or work. Here in Hong Kong, commercial developers will admit to making sure their buildings stand up to global sustainability standards or run the risk of losing blue chip tenants to other properties. The same holds for residences, where more and more owner-occupiers and tenants alike want a better building. Given India’s perceived lack of organisation and considerably bigger fish to fry (general housing stresses make Hong Kong’s look like a minor inconvenience) how is it possible the country can be a green leader?
India is the world’s largest democracy and has one of the worst track records in …