BANGALORE: Driven by changing dynamics, the Indian realty market will undergo a transformation and adopt "green building practices," a new way by which building use natural resources such as water and energy and reduce adverse impact on environment.

"This transformation will be driven by various combinations of regulation, government incentives and changing market dynamics," according to R E Design, Asia's first green real estate guide has released.Besides, tenants would also help drive the green real estate growth through their corporate social responsibility programs, desire to attract and retain quality employees and aspiration to improve productivity, states the guide.

The adaptation of "green building practices," would not only happen in the but all across Asia, the guide pointed out "Green buildings are set to become standard practice and we need to quickly understand them, including how they deliver value to us," said Simon Carter, author of the guide and Regional Head, Sustainability Asia Pacific for Collier International, a leading property consulting company.

"The uptake of green building practices in India is now quick and real estate practices are changing accordingly," he added.India has about 26 built green buildings covering close to 11 million sq ft. Out of these five buildings have secured either platinum or gold or lead ratings.Currently, 218 buildings have registered themselves to obtain a green certificate, with Mumbai leading the pack with 51 buildings, followed by Chennai at 35. Bangalore has close to 12 buildings registered for receiving the certification.

"The green market in India started with the developed world shifting some of its back offices to India. Unlike other markets, the growth in green buildings is largely driven by occupiers," said Joe Varghese, MD, Collier International India, while making out a case for green estate. On the cost factor in investing in green buildings, Carter said "Over-focusing on costs can be very misleading. When markets transform, it is the cost of not having a green building to lease or sell that will be a matter of concern".

While some of the green buildings may have an initial cost or premium attached towards its construction as compared to conventional buildings, in the long run these buildings could save up to 40 -80 per cent of energy cost.The energy requirements of some well designed green buildings around the world were as low as 15 per cent as that of a conventional building, said Carter.

"In the changing climatic situation, we need to redesign our buildings and also redesign the way in which we transact, develop, value and manage real estate," he said, adding, 9.9 per cent of residential and 5.4 per cent of commercial buildings account for world green gas emission.Blindly aping the west may not be the solution to the problem, said Joe underlining the need for coming out with local green solution to address the problem in India.