ABU DHABI: Against the backdrop of the on-going climate summit, COP27, the Confederation of Real Estate Developers’ Associations of India (CREDAI), the apex body of private real estate developers in India, announced that it would achieve its net zero target by 2050 at its annual event NATCON 2022 at YAS Island Abu Dhabi on Friday.
With this pledge, CREDAI became the industry’s first association to attain carbon neutral status 20 years before the national target of attaining net zero status, keeping a focus on the sustainable reality worldwide.
To achieve the lofty target, CREDAI’s 13,000+ members pledged to explore the best practices available to reduce the sector’s carbon footprint by 25% before 2030.
Furthermore, CREDAI also announced a slew of measures including a collaboration with HDFC to empower Tier-2 & 3 cities with a US $ 3 billion fund, and a $100 million fund for emerging start-ups like Venture catalysts and Neovon, said Harsh Vardhan Patodia, President, CREDAI before the inauguration of the conference by Sheikh Nahayan Mabarak Al Nahayan, Cabinet Member, Minister of Tolerance and Coexistence , UAE.
Significantly, the Indian Green Building Council (IGBC) has implemented measures to ensure more developers use sustainable techniques. CREDAI will work with the policy implementation body to ensure the measures are well ingrained with the real estate developers in the country, said Boman Irani, President-Elect, CREDAI.
Additionally, to be able to accelerate the adoption of technology, CREDAI will launch ‘Credaiverse’ to have a permanent presence in Metaverse for an immersive buying consumer experience.
Satish Magar, Chairman, CREDAI, said, “This year, the Real-estate ecosystem has witnessed the best year in decades at the back of pent-up demand post-Covid-19 and consumer sentiment continues to be positive. We are confident that with multiple planned launches and a shift in consumer behavior from home renting to home buying, the growth momentum will continue.”