BCIL, an early green builder with a presence in Bangalore, Mysore and Chennai - all of whose projects since 2003 have platinum certification - is currently building 2,000 green certified apartments and villas.
Deshmukh of Schneider India goes on to say, "The single largest certified green floor space outside the US would be in India." Chandrashekar Hariharan, Chairman, BCIL, and co-author of IGBC's residential green guidelines, agrees.
"The ratings reflect BCIL's small scale of operations in a highly fragmented domestic readymade garments industry, vulnerability to volatility in prices of raw materials, limited bargaining power to pass on cost increases to finished goods buyers, and the prevailing economic slowdown in Europe (BCIL's largest market)," the agency explained.
Among Fitch's key concerns are BCIL's intense competition with Chinese garment makers and exposure to forex volatility.