A new study has believed that India will become the second highest in number of green buildings globally. It was found that there will be an increasing percentage in green buildings to 57% by 2018 – from 37% at present.
According to World Green Building Trends 2016 Smart Market Report, the majority of the survey’s respondents (52%) showed that Environmental Regulations appeared to be the most important trigger for India’s new green building construction.
Moreover, 52% of the respondents are expected to be engaged with the green building development in the future. Meanwhile, 20% of respondents at present already have more than 60% of their projects applied with the green building concept.
The increasing percentage thus signifies India as a strong market for green building products and services. However, there’s still market demand in green building incentives for balancing the regulatory green requirement, as mentioned in the report.
Other barriers such as lack of green practices public awareness and high corruption rate are also mentioned as the top hurdles towards the green market growth in India.