Today: Last Update:

add

CREDAI Maharashtra & SuperHumanRace Sign MoU To Track Real Estate Emissions

Posted by Admin3

CREDAI Maharashtra & SuperHumanRace sign MoU to track Real Estate Emissions

Pune: CREDAI Maharashtra has signed a MoU with SuperHumanRace, a leading tech company, to develop and implement Regional Emissions Inventories for the state’s real estate sector. This collaboration aims to help developers adopt greener practices while boosting market credibility and competitiveness. Present on the occasion were Pramod Khairnar, President of CREDAI Maharashtra, Aalok A. Deshmukh Managing Director of SuperHumanRace, Ayashkanta Rout, Sustainability Lead at Oberoi Realty, Gagandeep Bhullar, CEO, SuperHumanRace.

Khairnar expressed that, “The real estate sector in Maharashtra is at the forefront of India’s urban transformation. This initiative is a timely and essential intervention to ensure that development is environmentally sustainable while being economically viable.”

The year 2024 marked a landmark for Indian real estate, with investments from institutional investors reaching an all-time high of USD 8.9 Billion; but according to the World Bank, India needs USD 50 Billion in private financing every year till 2036 to meet its urban infrastructure needs. India’s urban aspirations are at the heart of its ambition to become the 3rd largest economy by 2027 and reach USD 7 Trillion in GDP by 2030, he added.

However, this rapid and large-scale urbanisation comes at a climate cost. By 2030, cities will contribute to 70% of the nation’s GDP and house 40% of India's population while also contributing to well over 30% of India’s national emissions. As we add floor space equivalent to the city of Paris every week, building low-carbon, climate-resilient infrastructure will be an imperative both for the safety and well-being of Indian citizens and to raise funds from global investors. The need to develop low-carbon built environments to meet our Nationally Determined Contributions under the Paris Agreement is hampered by the absence of sectorial, regional, or national baselines or benchmarks for real estate, he opined, stated a press release.

One of India’s prominent building physicists Deshmukh said that, “The initiative to develop Regional Emissions Inventories for the Real Estate value chain is a crucial step towards reliably quantifying and effectively addressing carbon risks associated with India's burgeoning urban aspirations.”

“This partnership is a game changer for sustainable urban development in India. By creating transparent, connected and actionable emissions inventories, we are empowering the real estate sector to proactively address carbon risks and drive global competitiveness, he added.”

The awareness and recognition of carbon risk is well understood by India’s most prominent and responsible developers. Rout mentioned that “carbon costs embedded in construction materials could raise project costs significantly, impacting profitability. These carbon costs also impact the export competitiveness of the suppliers”. For example, Maharashtra’s exports of construction materials like cement and aluminum could face additional tariffs in carbon-regulated markets, further underscoring the urgent need for reliable emissions data to drive strategic decision-making. Regional Emissions Inventories will:

● Enhance the global competitiveness of Indian real estate developers and construction material manufacturers by providing granular emissions data at the product, site, city, and state levels.

● Enable real estate developers to identify hotspots in their supply chains and adopt sustainable procurement practices.

● Prepare the sector for impending carbon taxes and regulatory measures as India transitions to a low-carbon economy.

● Foster investment in low-carbon technologies and green certifications, attracting climate-conscious investors.

Technology-Driven Implementation

It will be essential to integrate world-class, cutting-edge technology for this initiative to succeed due to both the volume of data and the complexity of relationships. SuperHumanRace will deploy advanced AI and machine learning algorithms to automate collection and analysis of emissions data across the real estate value chain; while providing actionable insights and benchmarks, stated a press release.

Whatsapp Join