Hindustan Times-Commercial real estate in India turns green driven by demand from GCCs and IT firms
The country’s commercial real estate sector is experiencing growing demand for certified green buildings. Tenants, particularly global capability centres (GCCs) and IT/IT-enabled services (ITeS) companies, which collectively account for 50-60% of net office leasing, are increasingly seeking sustainable, eco-friendly spaces. This shift is driven by rising environmental compliance requirements and heightened awareness of sustainability, according to rating agency CRISIL on February 25.
The supply-side dynamics also underscore a similar trend, as almost all the upcoming supply for Crisil Ratings’ sample set is expected to be green-certified. A cost-benefit analysis of green buildings also presents a win-win situation for developers and tenants, as marginally higher costs are offset by significant long-term advantages, CRISIL Ratings said.
