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@article{169332,
        author = {Ar.Prachi Pande},
        title = {Economic Impact And Benefits Of Green Building Certification On Residential Projects In Pune},
        journal = {International Journal of Innovative Research in Technology},
        year = {2024},
        volume = {11},
        number = {6},
        pages = {1826-1830},
        issn = {2349-6002},
        url = {https://ijirt.org/article?manuscript=169332},
        abstract = {This research investigates the economic impact of green building certification on residential projects in Pune, India. As urbanization intensifies in Pune, there is a growing demand for sustainable housing, driven by both market forces and regulatory pressures. Green building certification systems, such as IGBC (Indian Green Building Council) and GRIHA (Green Rating for Integrated Habitat Assessment), aim to promote sustainable construction practices through rigorous environmental standards. This study examines the initial construction costs, long-term operational savings, and overall financial viability of green-certified residential projects compared to conventional buildings. The findings indicate that while green-certified projects incur higher initial costs due to sustainable materials and technologies, these investments lead to substantial long-term savings. Enhanced energy efficiency, water conservation, and improved indoor environmental quality contribute to reduced operational costs. Furthermore, green-certified properties experience higher market demand, potentially leading to increased property values and faster sales. The research highlights the economic benefits of green buildings, including lower utility bills, enhanced marketability, and improved occupant satisfaction. Despite the clear advantages, several barriers impede the widespread adoption of green building practices in Pune. High upfront costs, lack of awareness, and technical expertise, along with regulatory and market challenges, are significant obstacles. Addressing these barriers through policy interventions, financial incentives, and educational initiatives is crucial to promote sustainable urban development. This study underscores the importance of green building certification in enhancing the economic, environmental, and social sustainability of residential projects in Pune. It provides valuable insights for developers, policymakers, and stakeholders, advocating for a balanced approach that considers both the initial costs and long-term benefits of green building practices. By fostering sustainable construction, Pune can achieve its urban development goals while mitigating environmental impact and enhancing the quality of life for its residents.},
        keywords = {IGBC, GRIHA, Residential, GBC, Economic Impact.},
        month = {November},
        }