Mumbai real estate has been alight over the past year. The city has witnessed exponential growth in the real estate market with prices appreciating by more than 100 per cent. Moreover, with a series of infrastructural initiatives such as Mumbai Metro transit, Bandra-Worli Sealink, Santacruz-Chembur Link, new airport at Navi Mumbai in the pipeline, Mumbai seems to be sustaining its high up position in the global real estate market.
From sprawling townships, shopping malls, software parks and office complexes across the city to redevelopment projects Mumbai has its platter full.
Moving on, Mumbai has plunged into the green bandwagon too. The green revolution in Mumbai real estate market has been largely elicited by the growing environment consciousness among top-notch MNCs. Renowned Mumbai real estate builders are now game for green building projects to lure large number of buyers.
Though residential real estate has still to catch up with this trend, commercial green projects are already on roll in big numbers. Reasons Sikander Shah, Mumbai real estate agent, when buying apartment in Mumbai is such a tough job and there is less supply of even the standard residential units the builders are apprehensive of coming up with innovations in this segment.
The very first green complex in Mumbai is due to come up in Borivali. This project is part of the BMCs upgradation plans for its Civic Training Institute & Research Centre (CTIRC). The complex will have all the standard features of Platinum buildings under the Leadership in Energy and Environmental Design (LEED) rating system.
Besides, Mumbai Real Estate Developer K Raheja is coming up with Mindspace projects at Mumbai and Hyderabad, both of which are currently under construction. The group expects the cost to be around 7-8 per cent higher in these projects, but they assure considerable energy saving.
According to reports, green buildings involve an incremental cost of 7-10 percent over traditional buildings and even though Mumbai is one the costliest cities in the world, developers perceive it as an opportunity for differentiation in a growing market.