ESG factors in real estate encompass Environmental (E), Social (S), and Governance (G) aspects. Environmental considerations focus on sustainability practices, such as energy-efficient features, sustainable construction methods, and green certifications. Social responsibility involves community engagement, occupant well-being, diversity, and inclusion. Governance evaluates leadership, transparency, and ethical decision-making.
Benefits of ESG Adoption in Real Estate
Adopting ESG strategies offers significant operational cost savings through energy-efficient technologies and sustainable practices. It enhances property attractiveness to tenants with stringent ESG commitments and fosters stronger relationships between landlords and tenants. ESG adoption also supports long-term sustainability goals, such as decarbonization, which is crucial for achieving net-zero targets by 2030. Collaborative efforts between landlords and tenants in implementing sustainability measures can lead to green premiums and improved asset valuations.
ESG in Regional Commercial Real Estate
In Asia, interest in ESG issues has surged, with sustainable buildings and practices emerging in countries like Australia, Hong Kong, Japan, New Zealand, and Singapore. China and Vietnam are progressing rapidly, with Hong Kong aiming to reduce commercial building electricity consumption by 30-40% by 2050. In Vietnam, 28% of Grade A stock in Ho Chi Minh City had green certifications by December 2023, and 80% of Grade A and B office stock is expected to be green certified by 2026.
Global ESG Reporting Requirements: An Overview
The landscape of mandatory ESG reporting is rapidly expanding worldwide, impacting countries and businesses across various sectors. ESG reporting, which involves the public disclosure of an organization’s environmental, social, and corporate governance data, has become essential for transparency and sustainability performance, allowing stakeholders to make informed decisions.
The growing importance of ESG considerations has transformed them from niche investments into critical factors for business success. Numerous countries have introduced mandatory ESG regulations, with more expected to follow, underscoring the permanence of ESG reporting. The UK, for instance, enacted laws in April 2022 requiring certain large companies and LLPs to provide climate-related financial disclosures. Similarly, the EU replaced its Non-Financial Reporting Directive with the Corporate Sustainability Reporting Directive, significantly broadening the scope of required disclosures. In the US, proposed SEC amendments aim to establish ESG disclosure requirements for funds and advisers. Canada has mandated climate-related reporting for federally regulated financial institutions starting in 2024. In Asia, Malaysia has mandated ESG reporting for public companies since 2016, and China introduced voluntary guidelines in 2022, hinting at potential future mandates. New Zealand has also adopted legislation for mandatory climate-related disclosures for significant financial institutions from 2023 onwards. These regulations highlight the critical need for businesses to start their ESG reporting journey, regardless of current legal obligations, to stay ahead of regulatory changes and meet stakeholder expectations. Leveraging digital tools can simplify this process, ensuring alignment with established frameworks like TCFD and CSRD.
RERA and Environmental Sustainability in Real Estate Projects
Environmental sustainability is now pivotal in real estate, bolstered by the Real Estate (Regulation and Development) Act, 2016 (RERA). RERA mandates green building practices, including eco-friendly materials and energy-efficient designs, to reduce carbon emissions and conserve resources. It ensures developers obtain environmental clearances pre-construction, promoting responsible development. Emphasizing rainwater harvesting, waste management, and green spaces like parks enhances biodiversity and air quality. RERA also prioritizes energy efficiency and renewable energy integration, reducing fossil fuel reliance and climate impacts, advancing sustainable real estate practices significantly.
Discover Thriving Prospects: Odisha’s Real Estate On The Rise
In the evolving urban landscape of India, Odisha has marked its presence with rapid infrastructural development, balancing cultural heritage with modernization, and evolving into a promising destination for real estate investments. Bhubaneswar, the capital, leads the state’s real estate market with a steady demand for residential and commercial properties, complemented by significant projects from leading developers. However, this growth extends beyond Bhubaneswar to cities like Cuttack and Rourkela and coastal areas like Puri, where there is a rising demand for vacation and second homes. Government policies, such as the ‘Ease of Doing Business Policy,’ and infrastructure improvements like roads and flyovers, have significantly boosted the property market. The focus on affordable housing aligns with the central government’s “Housing for All” mission, with initiatives from the Odisha State Housing Board making homeownership more attainable. Commercial real estate is also gaining momentum, driven by IT companies and prestigious educational institutions setting up bases in the state. The Covid-19 pandemic has influenced trends, with an increased interest in larger homes and properties in less populated areas, and the industry has embraced digitization to facilitate virtual tours and online property bookings. Sustainability is becoming a significant trend, with a growing demand for green buildings featuring eco-friendly designs and energy-efficient systems. With positive economic implications and ongoing development, Odisha’s real estate market is set to grow further, presenting opportunities for investors, homebuyers, and developers. However, investment decisions should be based on a nuanced understanding of local market trends and individual risk appetite, making Odisha an exciting arena for real estate market watchers and participants alike.
Utkal Builders: Pioneering ESG Strategies in Real Estate Development
Utkal Builders is actively integrating Environmental, Social, and Governance (ESG) strategies into its real estate endeavors, demonstrating a steadfast commitment to sustainable development. With a focus on Environmental responsibility, Utkal Builders implements green building practices, utilizing energy-efficient designs and sustainable materials to reduce ecological footprints and enhance operational efficiency. Socially, the company engages closely with local communities, ensuring its projects contribute positively through community amenities and development initiatives. Governed by principles of transparency and ethical conduct, Utkal Builders upholds rigorous standards, fostering trust and accountability among stakeholders. By embedding ESG principles into its operations, Utkal Builders not only aims for environmental stewardship but also strives to deliver enduring social benefits and uphold exemplary governance practices in the real estate industry.
All project information and details displayed on the site, including but not limited to the information and details contained in project related materials that you may download are for information purposes only and do not constitute an offer under any law for the time being in force. The Company shall not be liable to you for any decisions you may take as a result of or on the basis of such information and encourages you to contact the Company directly for up-to-date and accurate information.
Mr Rakesh Bhura holds the MBA degree from the Leeds University,UK. The youngest and the most dynamic among the directors he plays an important role in planning and execution at the site. He is actively involved in site execution,purchases & manpower management. He has his own innovative approach towards the projects and all his endeavours have been successful. Mr Bhura is the young promising face of Utkal Builders.
Anchors the sourcing function at Utkal. He is credited with deriving the best value from our sourcing partners – contractors and vendors of material inputs. Recently, he has taken additional responsibility of the marketing function. However, complicated and large his tasks, his energy and positive attitude make them all possible! And somewhere in the middle, he also finds time to pursue sports and instruct his disciples on yoga.
Is an MBA from University of Strathclyde, Scotland, specializing in marketing and is currently gaining exposure of the unique customer nuances of the varied markets. he is also involved in streamlining the finances of the group.
Patriarch of the family & Chairman of the Group endorses chosen principles and values which Utkal follows. With his distinguished business and social credentials, he has led and safe-guarded the treasured Utkal culture. A born entrepreneur, he initiated with humble beginnings. But his zeal, sheer grit and robust ethics steered him through the times to continuing trust and success. Of course, after four decades of a distinguished business career and leadership of a diversified business group, his enthusiasm remains fresh as ever.
Is an MBA from prestigious IMT, Ghaziabad specialising in Finance and a CFA from ICFAI. He is driving innovation and technology in the group’s operations. He is also actively involved in the group’s marketing plans.
Mr. Sharad Baid is the Managing Director of Utkal Builders & has earned his Masters in Business administration from Bond University, Australia. He specialises in Finance and Information systems.By spearheading new initiatives in Utkal Builders, Mr. Baid has enhanced the framework for strategic planning and project development. In addition, he plays a crucial role in the corporate branding & project marketing of the Group.
The visionary with a mission and an opportunity – guru, his insights are the engines of innovation and new businesses. His passion for opportunities is only matched with his perseverance to bring them to life. He has been the torch-bearer and the agent of evolution at the group. He has also served as the president of CREDAI, Odisha (2010-11).
Mr Rakesh Bhura holds the MBA degree from the Leeds University,UK. The youngest and the most dynamic among the directors he plays an important role in planning and execution at the site. He is actively involved in site execution,purchases & manpower management. He has his own innovative approach towards the projects and all his endeavours have been successful. Mr Bhura is the young promising face of Utkal Builders.
All project information and details displayed on the site, including but not limited to the information and details contained in project related materials that you may download are for information purposes only and do not constitute an offer under any law for the time being in force. The Company shall not be liable to you for any decisions you may take as a result of or on the basis of such information and encourages you to contact the Company directly for up-to-date and accurate information.