Bengaluru, Delhi, Hyderabad, and Mumbai among top-20 cities in Asia-Pacific for sustainable commercial real estate

Most cities worldwide are confronting multiple challenges, including the loss of green spaces, degradation of water bodies, lack of proper sanitation, waste mismanagement, collapsing infrastructure, and traffic congestion. Increased carbon footprints make cities a prime contributor to global climate change. Rapid urbanisation has instigated an ecological imbalance due to the overuse of natural resources, compromising the resilience of cities, especially in Asia and the Pacific region. Creating a balance between economic growth and sustainability is a challenge for cities but remains the need of the hour.
In this regard, sustainable real estate has a massive role as land remains one of the most valuable resources in cities. On a positive trend in this direction, the city of Bengaluru in India has marked a milestone by ranking 14th among 20 cities in the Asia Pacific region under sustainable development of commercial real estate by global consultants Knight Frank development, reported the PTI. Apart from the garden city, other Indian cities on the top-20 list include Delhi (17), Hyderabad (18), and Mumbai (20).
According to the study, Bengaluru has a higher social sustainability index because it offers its residents more significant equity in terms of income and demographics, health care, education, and necessities (energy, water, and sanitisation).
Sustainability is always challenging, especially as the cities in the global south struggle to produce affordable housing and business spaces. However, despite an exploding urban population, Indian cities now stand on the same list as international cities rated top five green cities, including Singapore, Sydney, Wellington, Perth, and Melbourne, in commercial real estate of the Asia-Pacific region.
Shishir Baijal, chairman and managing director of Knight Frank India, stated, "New market dynamics have propelled the growth of sustainable development in India. Global commitment to carbon neutrality and 'Net Zero' (and) focus on creating environmentally-friendly premises has led developers to augment products to meet requirements."
The cities mentioned in the list by Knight Frank were ranked under the APAC Sustainability Index 2021, which ranked 36 cities based on factors like urbanisation pressure, climate risk, carbon emissions, government initiatives and adherence to sustainability standards.
(With inputs from PTI)
ALSO SEE:
Ban on single-use plastic kicks in across India as the country recognises the choking impacts of plastic waste on the environment
Towards sustainable labour practices: Four new codes attempt to prioritise employee welfare, health, and safety in India