ICCPL PROPERTY NEWS

DDA’s BOOST TO GREEN BUILDINGS TO ATTRACT DEMAND

The Delhi Development Authority (DDA) has come out with draft regulations for construction of green buildings, which also includes incentives for those who are planning to construct such structures. Construction of such energy efficient, green buildings in Delhi could soon mean extra ground mileage, floor area ratio (FAR) and 10 percent rebate in property tax too. Such bonuses for the construction of green buildings will help in promoting the demand for these units not only in Delhi but in other regions as well.

Accepting the fact, Mr. Ashok Gupta, CMD, Ajnara India Ltd. says “The entire concept of green building is a crucial step in the development of smart cities across the nation. Not only do these units promote sustainable development but also enhance the standards of living of residents and users. With such bonuses attached by DDA, it is for sure that developers of NCR will now focus more on building these units which might divert the attention of other authorities here as well”. Adding to the view, Mr. Sushant Muttreja, CMD, Cosmic Group believes that “This decision will bring about a transformation in the real estate sector; as at present there are a lot of projects that are luxurious by nature but do not meet the standards of a true green building. When such incentives will be offered on the construction of energy efficient units, developers in other regions will also be provoked to develop green buildings. Authorities in Noida, Greater Noida, Yamuna Expressway, Gurgaon and other regions have been open to suggestions and ideas; hence we believe that very soon other authorities might also look to promote this concept this way”.

Speaking about the features of a green building; it is a structure that uses lesser water, optimises energy efficiency, preserves nature’s resources, generates far lesser waste than other buildings and thus provides a healthier environment for the residents. Two most used resources by any resident or user in any building are water and energy, plus these resources are scarce by nature. The main purpose of a green building is to reduce the water and energy cost and consumption. It is been observed that an average of about 40 % of energy and 25 % of water savings are possible, that can reduce a lot of expenditure in the long run along with a better environment for living. It is true that most green buildings are costlier at the time of construction and might cost more than a conventional building, but will always end up with higher savings in the long run annually. Mr. Arvinder Singh, MD, Agrante Realty Limited says “Green buildings are the structures of the future. We are living in an era where already natural resources are limited and we need to find alternatives to keep moving ahead. Whatever we will save today will help shape a better future tomorrow, so why not innovate. A 2 BHK of a green building might be higher in price than a regular 2 BHK unit but after few years, there will higher savings generated by the green unit than the regular one. Also, the price appreciation of a green unit is better than regular ones. Therefore, it becomes advantageous in both cases”.

The draft regulations, which would be a part of the Master Plan of Delhi 2021 once notified, will be made available in the public domain for suggestions and objections. Although, to get the benefits, one will have to get a certification from GRIHA for green buildings, only then the eligibility will be accepted. Experts in the sector believe that this news has created a spark in the sector with developers in NCR now eagerly waiting for this decision to be carried in other regions as well. Mr. Deepak Kapoor, Director, Gulshan Homz states that “The current government has laid down a well-planned strategy for the development of homes in order to meet its goal of housing for all by 2022. The plan began with DDA and HUDA housing schemes which has been much complemented by lowering home loan rates, making available land parcels and much more. Now with DDA’s incentive plan for green homes, this will again open the gates for the better development which will fall in place with plans for development of smart cities. As this concept gets widely accepted and executed in Delhi, this will provoke the developers of NCR to come out with these concepts more often which might even entice the authorities to offer such incentives in other regions a well”.

Mr. G. V. Shashidhar, CEO, casohome.com agrees with Mr. Kapoor and adds to the fact that “The new government has been proving its mettle with a series of crucial steps for the nation’s growth. 100 percent FDI in the sector along with housing schemes and much more to offer, the sector is starting to shape up very well. This incentive structure offered by DDA is expected to revive the much saturated Delhi market. Its ripple effects will be soon witnessed as the developers in NCR are always waiting for a room to perform and offer something to meet the demand. The demand for green homes is sure to rise as this incentive plan becomes operational. If it proves to be successful, other authorities might also mimic the plan to offer bonus to developers constructing green home units in NCR”.

With developers gearing up to perform well in the sector and meet the demands of its customers, these plans by the authorities are sure to back up the work of the developers. Such rapid paced decision making and planning is sure to fulfil the dreams of a better India tomorrow.

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