A Review of Sustainability Initiatives by Indian Real Estate Investment Trust (REIT)

REITs have been at the forefront of making the Indian real estate market more sustainable. This paper aims to compare the sustainability initiatives and best practices adopted by REITs in India (I-REITs). Secondary data was collected from publicly available sources like websites, annual reports, and Environmental, Social and Governance (ESG) reports of I-REITs were studied to understand their contribution towards sustainability through Content Analysis. The research examines the ESG practices of three listed REITs in India: Embassy Office Parks REIT, Mindspace Business Parks REIT, and Brookfield Real Estate Trust REIT. These sustainability initiatives are segregated into seven different parameters covering ESG vision, Renewal energy, Recycling, Biodiversity, Sourcing, Social/Community Engagement, and Corporate Governance. The outcome of this study provides insights into the REITs and identifies best practices for promoting sustainability in the commercial real estate industry. The research finds that all three REITs have made significant efforts to improve their ESG performance. Embassy REIT has relatively performed better, especially in terms of environmental sustainability. It is recommended that there should be common minimum reporting standards for I-REITs which will further increase data availability and transparency. This study's findings can assist policymakers, investors, and other real estate industry stakeholders in evaluating the ESG performance of REITs and making informed decisions.