Standard Chartered Arranges India’s First Listed Green NCDs by a Real Estate Developer

12 Nov 2025 CW Team

Total Environment Resorts (TERPL), a subsidiary of Bengaluru-based Total Environment Group, has successfully issued Rs 1.75 billion in Listed Rated Non-Convertible Debentures (NCDs), arranged and subscribed by Standard Chartered. This marks India’s first listed green NCD issuance by a real estate developer.

Standard Chartered acted as the Sole Arranger and Green Co-ordinator for the issuance. The proceeds will be used primarily to develop a residential real estate project in Bengaluru, pre-certified at IGBC Green Homes Platinum level. The issuance also received a Second Party Opinion (SPO) from Bureau Veritas, an independent risk management and quality assurance firm.

The Bank supported TERPL in structuring the green NCD, selecting the SPO provider, and ensuring compliance with the ICMA Green Bond Principles and SEBI’s Green Debt Securities Regulations.

Kamal Sagar, Founder and Chairman, Total Environment Group, said, “We have always believed that good design is about ensuring that we achieve our needs without impacting our ecosystem or compromising the ability of future generations to meet theirs.”

Sanjay Gurjar, Co-Head, Coverage, India & South Asia, Standard Chartered, added, “This issuance underscores our commitment to promoting sustainable finance across our markets.”

Manmeet Gulati, Head of Commercial Real Estate Financing, South Asia, Standard Chartered, said, “The closure of this listed green bond aligns with our goal of offering first-to-market sustainable financing solutions in the real estate sector.”

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12 Nov 2025

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