Push to fast-track realty projects finds few takers in Maharashtra
There has been a poor response to the Maharashtra government's offer to fast-track construction projects by 18 months if real estate developers opt for a green building certification process. Developers have applied for certification for only 15 out of 300 projects, according to a government official. MoEF (Ministry of environment and forests) guidelines stipulate that every project that involves construction of 20,000 sq.mt. and investment of Rs.5 crore or more needs green clearance from the state government’s environment ministry. To address the issue, the state government announced in August 2011 that projects with a green building certification would be given priority, incentivising builders to reduce the SEAC waiting time. Green buildings use less water, conserve energy and generate less waste. In India, The IGBC (Indian Green Building Council) is a leading agency that provides green certification to real estate projects. GRIHA (Green Rating for Integrated Habitat Assessment) by TERI (The Energy and Resources Institute) is a measurement system designed for rating new and existing commercial, institutional and high-rise residential buildings.