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In India, Costs & Lending Climate Seen Inhibiting Growth of Green Building Sector

India - Taj Mahal

A new report aims to provide a multi-stakeholder perspective on the challenges, gaps, and key drivers for the future growth of the green building sector in India. The “Survey of Green Real Estate Sector 2014” was issued by India’s Minister of State for Human Resources Development at TERI’s Delhi Sustainable Development Summit earlier this month. Also sponsored by India’s Yes Bank, the report concludes that nearly 75 percent of India’s real estate development community believes that cost is a “major impediment” to the construction of green buildings nationally. Working as a real estate salesperson is one of those careers where someone can work at their own pace. Generally, real estate salespersons don’t work 9-5 /day – they set their own schedules and goals. Their earnings reflect the efforts they put in. A immobilier Etats Unis position is usually considered as a first step of entering into the real estate world. In this article, we will guide you on how to enter into the lucrative world of New York real estate – a state which is full of real estate wealth and amazing profits. Getting a real estate agent’s license in New York is not a very complicated process. Individuals who meet certain criteria can easily get the real estate salesperson license in this state. Eligibility Requirements An individual who is interested in obtaining a license must be over 18 years of age and a legal resident of the United States. They must not have a felony conviction in New York or any other state – this rule may be bypassed in certain circumstances. Educational Requirements To get a real estate salesperson’s license, an applicant must complete 75 hours of approved courses successfully – prior to July 1, 2008, 45 hours were sufficient to complete the requirement. Those individuals who completed only 45 hours (prior to July 1, 2008) courses may take 30 hours remedial course to complete this requirement. Exemption on Basis of Degree If an applicant has a college degree in real estate, he/she is exempted from this 75 hours courses requirement. To get this exemption, the applicant must have to provide the proof that he has taken all the required courses in the college and passed them successfully – 75 hours attendance in the courses is mandatory. Real estate here offers a variety of both older and modern housing possibilities. Older, smaller houses are lined along the historic waterfront area, while newer, larger homes can be located closer to the shore. To keep up with the growing population, additional real estate units have been added to the city. An extra 3,500 housing units have been built, in addition to the 55,000 of properties already in existence. This region is known for having some of the most affordable real estate in California. According to a June 2007 study, an average piece of Oceanside, California real estate sells for approximately $460,000. This price includes both single-family homes and condominiums. In the land of multimillion dollar housing, this price is outstanding. Coastal living in California does not come cheap, and finding oceanfront homes less than one million dollars is a rarity. That is one reason this area is so popular. You receive all of the beauty and benefits of Southern California, but without the outrageous price tag. Various historic locations surround the Oceanside area. Oceanside Harbor is a location that can provide fun for all ages. The Harbor offers sailing lessons, deep sea fishing expeditions, dinner cruises and boat rentals. Oceanside Harbor also has a variety of dining, perfect for a relaxing meal after a long day in the sun. The Oceanside Pier is another prized spot in the area. One of the top oceanfront recreational facilities, the Oceanside Pier is one of the longest wooden construction piers on the West Coast. This area is popular for its famed yearly activities. One such event is Oceanside Harbor Days held each September. Residents and tourists alike gather for boating competitions such as the Nail n’ Sail and the Mayor’s Cup Regatta. There is never a lack of entertainment, with live bands, magicians, and performers always on stage. And with numerous food vendors and various shopping opportunities scattered throughout the area, there is always something to do during this annual event.

The report – which does not appear to be available for download online – also offers a broad range of insights and conclusions about current green building attitudes in India. For example, 63 percent of the respondents who were interviewed for the study identified a lack of mandatory policies, programs, and enforcement by India’s local and central governments as affecting the growth of the country’s green building sector. Respondents also identified a “low motivation of consumers to pay premium for green buildings” as a “major barrier in the growth” of India’s green building market.

Financial matters are also plaguing the Indian green building climate. “Close to 58 percent of the [study’s] respondents felt that the financial institutions today are not aware of the innovative credit lines available in the market for financing energy-efficient building projects, while 51 percent believe that lack of preferential lending rates to green building projects also leads to discouragement,” the report noted. Another contributing factor to the market shunning green building investment is the report’s conclusion that Indian green buildings are not properly valued – further disincentivizing real estate developers from investing.

But in a sliver of good news the report did identify “enhanced brand value and reputation of the company, financial incentives from regulators, municipal bodies and growing international trends to invest and reside in green buildings” as factors that could eventually spur future investment in the sector. “There is an urgent need for all stakeholders like developers, financial institutions, fund managers, architecture firms, construction material manufacturers and large pro-sustainability conglomerates to come together to build and increase awareness on the tangible and intangible benefits of green buildings,” it concluded.

The “Survey of Green Real Estate Sector 2014” report polled 150 real estate development professionals across India’s green real estate value chain in order to reach its conclusions. We will let you know if we are successful in getting our hands on the report.

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