IFC, CREDAI Promote Green Buildings in India through EDGE Certification

New Delhi—IFC, a member of the World Bank Group, and the Confederation of Real Estate Developers' Associations of India (CREDAI), apex body of private real estate developers, have partnered to promote green buildings in the country through IFC’s EDGE certification.

EDGE stands for ‘Excellence in Design for Greater Efficiencies’, and is a standard that focuses on energy and water efficiency in buildings. Fast, easy to use, and affordable, EDGE empowers builders and home-owners to choose environment-friendly technical solutions while capturing costs and projected savings. More information is available at www.ifc.org/edge.

CREDAI will encourage its members, including local chapters, to incorporate resource efficiency in their design using EDGE. To qualify for the certification, these efficiencies must result in savings of at least 20 percent in energy, water, and materials over the local standard practices. IFC will train members and share global best practices and knowledge with CREDAI on green building technologies.

“This partnership has the potential to transform the housing market and put India in a leading position to apply a green rating system for homes on a large scale,” said Geetamber Anand, President (Elect), CREDAI, at its “Clean India – Skilled India – Strong India” Conclave. “Only two percent of the buildings are currently resource-efficient, pointing to the huge opportunity.”

By 2050, India will be home to 1.6 billion people and most of this growth will come from cities, where the residential needs will double. This rapid expansion in construction would require buildings that are less resource-intensive yet meets the aspirations of today’s growing middle class.

“Green buildings are a compelling need and IFC will be working in this fast growing Indian market,” said Serge Devieux, IFC’s Regional Director for South Asia. “We aim to help builders introduce cost-effective green features into their designs and work with financial institutions and the government, to support their widespread adoption.”

IFC has invested $600 million in green buildings globally in the last five years. In addition, IFC has ongoing advisory programs in more than 10 countries. In India, IFC’s clients -- VBHC, an affordable housing developer, and SAMHI, a budget business hotel developer -- have benefited from the use of EDGE.

Puravankara Sells 125 Flats in 12 Hours in Google Online Shopping Festival

Bangalore based real estate developer Purvankara Projects Ltd. Said on Wednesday that it sold more than 125 housing units within the first 12 hours through Google’s online shopping festival.

Puravankara said in a press statement that over 125 homes were booked online in less than 12 hours of the offer going live. According to statement, the home buyers took advantage of very lucrative offers from both Puravankara and Provident brands, a subsidiary of Puravankara.

Puravankara Projects and its subsidiary Provident Housing have offered approx. 200 housing units in the three-day Google Shopping Festival. These units are spread over 12-13 projects in Bangalore, Chennai, Coimbatore and Kochi. The units are in  the range of Rs 40 lakh to Rs 1.25 crore.

Puravankara Projects Ltd has its projects spread over Bengaluru, Kochi, Chennai, Coimbatore, Hyderabad and Mysore as well as in Sri Lanka. The developer has approx. 25.52 million sq. ft of projects under development and another 79.83 million sq. ft projected to be developed in the next 7-10 years.

Smart city for business analytics proposed in West Bengal

The Bengal Chamber of Commerce and Industries (BCC & I) took the initiative to launch a smart city for business analytics in West Bengal, a first of its kind in the country. The West Bengal government will support this project.

BCC & I has already identified a 250-acre land on the Kalyani Expressway for the project.

While speaking to reporters during a summit on business analytics in the Kolkata, the state minister for Urban Development and Municipal Affairs Firhad Hakim said, "It's a new concept and first of its kind in the country. Lots of land are there in Kalyani. I've heard many townships have been planned there... Knowledge City and other townships. These are not agricultural, but marshy land,"

He further said that "The Analytics Hub will be a private initiative with government support. The government will give the permission and if successful it will open up a new horizon... If we can do it here then West Bengal will be the first state to host such a city in the country,".

The state's Finance and Industry minister Amit Mitra also welcomed the initiative said "availability of land will not be a problem for the project."

Debashis Sen, Chairman, State Housing Infrastructure Development Corporation (Hidco) also welcomed the move of the Chamber.

The president-elect of BCC & I, Mr. Ambarish Dasgupta, who is also the head of the management consulting at KPMG Advisory Services, said "We have been talking to the state government for the land. It has suggested that 250-acres could be made available for the project in that area."

According to the outgoing president of BCC & I, Mr. Kallol Datta, the the project is expected to attract investments in between Rs 3,000 - Rs 5,000 crore besides, generating thousands of employment.