Standard Chartered Arranges India’s First Listed Green NCDs for Real Estate Developer Total Environment Group

Bengaluru, November 12, 2025:Total Environment Resorts Private Limited (TERPL), a subsidiary of Bengaluru-based Total Environment Group, has successfully issued INR 175 crore Listed Rated Non-Convertible Debentures (NCDs) — arranged and subscribed by Standard Chartered Bank. This issuance marks India’s first listed green NCD from a real estate developer.

Standard Chartered acted as the Sole Arranger and Green Coordinator for the transaction. The proceeds from these NCDs will be used to develop a residential real estate project in Bengaluru, which has received pre-certification at the Indian Green Building Council (IGBC) Green Homes Platinum level.

The issuance has also received a Second Party Opinion (SPO) from Bureau Veritas, an independent risk management and quality assurance agency, and complies with both the International Capital Market Association’s (ICMA) Green Bond Principles and Securities and Exchange Board of India’s (SEBI) Green Debt Securities Regulations.

“We have always believed that good design is about ensuring that we achieve our own needs on this wonderful planet, without impacting our eco-system and compromising the ability of our future generations to meet their needs,” said Kamal Sagar, Founder and Chairman, Total Environment Group.

“We are proud to partner with the Total Environment Group and continue to support them with their sustainability ambitions. This issuance of India’s first listed green NCD for a real estate developer underscores our commitment to promote sustainable finance across our markets,” said Sanjay Gurjar, Co-Head, Coverage, India & South Asia, Standard Chartered.

Manmeet Gulati, Head of Commercial Real Estate Financing, South Asia, Standard Chartered, added, “The closure of this listed green bond for Total Environment Group aligns with our commitment to promote sustainable financing and cements our position as a first-to-market solution provider in the real estate financing space. We value our relationship with Total Environment Group and will continue to support clients in their growth journey through our bespoke offerings.”

This landmark transaction reflects India’s growing momentum in sustainable finance, particularly in the real estate sector, which has traditionally been one of the highest contributors to carbon emissions. By integrating green funding mechanisms into real estate development, the partnership between Standard Chartered and Total Environment marks a key step toward advancing climate-resilient infrastructure in India.