Bengaluru ranks 14th among 20 cities in APAC in sustainable development of commercial real estate

Bengaluru ranks 14th in the list of top 20 cities in Asia Pacific in terms of compliance with sustainability norms in the development of commercial real estate, according to Knight Frank.

Singapore, Sydney, Wellington, Perth, and Melbourne have been ranked as the top five green-rated cities in commercial real estate in the Asia-Pacific region.

Four Indian cities -- Bengaluru, Delhi, Hyderabad and Mumbai -- also made it to the list of top-twenty sustainable cities as per the APAC Sustainability Index 2021 that rated 36 cities based on parameters like urbanisation pressure, climate risk, carbon emissions and government initiatives.

Bengaluru has been ranked 14th in the APAC region, while Delhi is at 17th, Hyderabad at 18th and Mumbai 20th positions.

"New market dynamics have propelled the growth of sustainable development in India. The global commitment to carbon neutrality and Net Zero is firmly focused on creating environmentally friendly premises has led Indian developers to augment their products to meet the requirements," Shishir Baijal, Chairman and Managing Director of Knight Frank India, said.

With more and more occupiers demanding for sustainable, green and well standard buildings, he expected these features to become a universal standard in the foreseeable future.

"As indicated in our Sustainability Index, four Indian markets feature in top 20 in the APAC region which is a good indication of the real estate sector's commitment to creating sustainable development," Baijal said.

The report also noted that India's Green Bonds issuance increased multi-fold year-on-year from USD 1.1 billion in 2020 to USD 6.8 billion in 2021.

As of now, India is the sixth-largest country in APAC in terms of the total amount of green bonds issued in 2021, it added.