The Fourth Wave: South Asian Real Estate Leaders Ride the Green Revolution in Chicago

Chicago, IL: 
On a vibrant Friday evening in April 2026, the Waterford Banquet & Conference Center in Elmhurst, Illinois, buzzed with energy as the Association of South Asian Real Estate Professionals (ASARP) hosted one of its signature events. Marking a decade of building bridges and creating pathways for the next generation, ASARP joined forces with Hawthorne World Group for an unforgettable night of networking, inspiration, and forward-thinking dialogue on design, sustainability, and the future of real estate.

Cocktails flowed during the opening networking hour, setting a warm, collegial tone. Guests—seasoned real estate professionals, investors, brokers, and community leaders—gathered to explore how sustainability is no longer a buzzword or moral checkbox, but a core driver of value, tenant demand, and long-term profitability in commercial and residential development.

Anjali Mohanty, a dedicated Chicago-area real estate professional with American Star Realty, skillfully hosted the evening. She set an inclusive tone, emphasizing collaboration, knowledge-sharing, and opportunities that extend beyond traditional transactions. Shirin Marvi, Vice Chair of ASARP and owner of Shirin Marvi Real Estate, delivered powerful opening remarks. With her rich global background and over two decades of experience, she painted ASARP as more than an association—it is a movement. “When our professionals grow, our communities thrive,” she declared, calling on board and advisory members to stand and receive well-deserved applause. The organization’s vision is bold: to become the most trusted resource and leadership hub for South Asian real estate professionals across North America.

Nick Verma, founder and managing broker of Midwest Realty & Brokerage and a key ASARP leader, delivered a practical, insightful presentation on “Design, Sustainability, and Well-being in Commercial Real Estate.” He made it clear: sustainability has evolved from a trend into a financial imperative. Energy-efficient, ESG-compliant buildings attract better financing, stronger tenants, lower operating costs, and higher valuations. Post-2020 tenants prioritize health-focused environments—superior air quality, natural light, and efficient utilities. Verma stressed the risks of inaction: higher future capital expenditures, reduced buyer pools, and lost institutional interest. For brokers and advisors, the opportunity lies in guiding owners through value-add repositioning and sustainable upgrades. “The real question is not whether we should invest in sustainability,” he noted, “but what is the cost if we don’t.”

Anil Punjwani, Business Relationship Manager at U.S. Bank and event co-sponsor, followed with grounded advice on financing. As one of the largest lenders in the Chicagoland market, U.S. Bank supports real estate, equipment, owner-occupied properties, investment assets, and SBA programs. Punjani highlighted competitive rates, minimal bank fees, and quick approvals for manufacturing equipment—practical tools for professionals looking to grow portfolios or consolidate debt.

Pradeep B. Shukla, CPA, CCIM, and managing broker of American Star Realty, brought deep financial expertise. In his segment “Building Bridges – A Decade of Vision & Perseverance,” he celebrated ASARP’s milestone while sharing timely updates, including the Private Listing Network’s expanded national reach through Compass. Shukla dove into powerful tax strategies enabled by recent legislation, notably the One Big Beautiful Bill Act (OBBBA). He illustrated how cost segregation combined with 100% bonus depreciation can unlock massive first-year deductions on fixtures and equipment—potentially generating six-figure tax savings on multimillion-dollar acquisitions. He also detailed 1031 exchanges for deferring gains, enhanced basis step-up benefits for estate planning, and generational wealth creation. Shukla closed with a cautionary tale about AI-generated fraud, reminding the audience to stay vigilant in an increasingly digital world.

The evening’s centerpiece was the keynote by Dr. Ganesan Visvabharathy—affectionately known as Dr. Vish—Founder, CEO, and Chairman of Hawthorne World Corporation. A pioneer with over 40 years in sustainable development, Dr. Vish has built a reputation for net-zero green construction that integrates profitability with environmental stewardship. His companies span construction, finance, development, materials, energy, life sciences (genomic testing), and communications (low-cost rural internet).

Dr. Vish shared his personal journey, from an early three-flat building flip in Logan Square—where switching from electric to gas heat boosted profits—to landmark projects like one of Chicago’s largest office-to-residential conversions in the South Loop. He invoked the Passive House Institute’s definition of true sustainability: buildings designed to last 100 years. Yet he emphasized practical, scalable approaches: net-zero energy (producing all power on-site), net-zero carbon, geothermal systems, solar, permeable pavements, rain gardens, bioswales, native plants, recycled materials, and superior indoor air quality.

He spotlighted two flagship opportunities. First, the iconic Coco Palms Resort on Kauai, Hawaii—a historic 50-acre site once favored by Elvis Presley and featured in numerous films. Hawthorne World is restoring it as the world’s first fully sustainable, carbon-neutral, net-zero resort under the Kimpton flag. Features include a restored historic church, gondola-style water taxis along the lagoon (evoking a tropical Venice), multiple pools and restaurants, a massive coconut grove, and strict adherence to native Hawaiian traditions and national green building standards. Geothermal cooling, solar power, formaldehyde-free furnishings, and smart technologies ensure low operating costs in a market with some of the nation’s highest electricity rates. Investors can participate with as little as $100,000, enjoying preferred returns, operational cash flow, refinance proceeds, and strong equity multiples.

Closer to home, the largest net-zero green multifamily eco-community in DuPage County, Illinois, offers 348 apartments with geothermal heating/cooling, solar, a honeybee farm for local honey production (benefiting allergy sufferers), premium amenities, and exceptional indoor air quality. Dr. Vish stressed risk mitigation through fixed-price contracts, performance incentives, and contingency planning—lessons drawn from his hands-on construction roots.

He framed these as part of the “Fourth Wave” of sustainable investing, backed by trillions in ESG capital. Benefits include 10-17% lower operating costs, 9-10% higher building values, resilience against energy volatility, healthier environments, and alignment with shifting tenant and lender expectations. “If I can’t make a difference in people’s lives,” Dr. Vish reflected, “why am I in this business?” His Evergreen Climate Fund provides diversified access to such institutional-grade green assets with targeted 12% returns.

The program closed with a heartfelt vote of thanks from Harsha G and group photographs, followed by an elegant dinner featuring savory chicken, fresh fish, and vibrant vegetarian options—perfect for continued networking.

This ASARP-Hawthorne World collaboration exemplified how education, community, and opportunity converge. In an industry transforming rapidly, events like this equip South Asian professionals not just to participate, but to lead the charge toward a greener, more resilient, and more prosperous future. (Word count: 878)

“The Fourth Wave of sustainable real estate is here, and events like ASARP’s gathering with Hawthorne World prove that vision, ethics, and smart capital can reshape our built environment for generations. Dr. Vish and the South Asian real estate community are showing us that profitability and planetary stewardship are not opposing forces they are powerful allies. Let us embrace this momentum with courage and creativity, we proudly amplify voices driving positive change in business, community, and innovation”. Suresh Bodiwala Chairman of Asian Media USA