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India will soon have the second highest number of green buildings in a country globally at 57% by 2018, rising from 37% at present, just behind South Africa at 61%, says a new study.
Environmental regulation has been rated as the most important trigger by a majority of survey respondents (52%) for constructing new green buildings in the country, according to World Green Building Trends 2016 SmartMarket Report, by Dodge Data & Analytics and United Technologies Corporation.
While just 20% of respondents at present have more than 60% of their projects as green in the country, about 52% of them expect to be that engaged with green building by 2018. "This increase makes India a particularly strong market for green building products and services," said the report.
India significantly exceeds global averages for anticipated activity in new commercial and high-rise residential buildings. While about 61% of respondents say they will be building new green offi ces, retail spaces or hotels in the next three years, compared with 46% who expect to do this work globally, around 48% of respondents expect to work on green high-rise residential projects in the next three years, compared with 25% globally.
Lack of public awareness about eco-friendly practices and concerns about corruption are considered to be among the top barriers preventing growth of the green market in India, by 48% and 41%, respectively, like many other developing countries. "The market is seeking more incentives as a balance to the regulatory green requirements," said the report.
About 62% pf the respondents consider reducing energy consumption to be an important environmental reason to build green, while 48% consider protection of natural resources as the second most important environmental factor for building green, much higher than the global average of 37%.
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