Developers welcome Centre's move to promote green buildings
The Centre is learnt to be finalizing a draft policy on non-financial incentives like providing additional floor space to promote green buildings. The move has been welcomed by Thane developers, who say the concept can get a boost if the government provides financial support to the housing sector in the form of incentives like capital subsidy. As per the proposal, the central government was supporting a number of incentives like allowing additional built-up space, over and above the permitted floor area ratio or floor space index, transferable development rights and interest subvention to encourage green buildings. Green buildings or environment-friendly buildings, which are designed to conserve water, electricity and use recycled material in construction, are key to addressing the challenges posed by pollution.