DDA announced some regulations for creation of green buildings and come up with some incentives such as additional ground mileage, improved FAR (floor area ratio) and rebate in property tax up to 10%. This initiative will not only encourage the developers of Delhi but of National Capital Region as well. With such mileages announced by DDA, it is ascertain that developers in NCR will also focus on construction of these buildings. It will bring a revolution in real estate market as the current projects are luxurious but do not meet the criteria of green buildings. These initiatives will definitely provoke the developers to construct energy efficient units.
Authority of Noida, Greater Noida, Gurgaon, Yamuna Expressway and other regions are open to get the suggestions and it is expected that other authorities very soon will take the initiatives to promote this concept. The objective of green building is to reduce the consumption of water and energy. With this concept it has been witnessed that 40% consumption in energy and 25% consumption in water can be reduced. Price of a 2 BHK or 3 BHK apartment of green building might be slight higher than regular apartment but it will make up in few years by reducing the consumption of water and energy henceforth, reducing the bills will save a lot of money. Green building is the new future and higher price appreciation can be foreseen.
To get the incentives, builders must have certification from GRIHA which is Indian National rating system for green buildings. Many developers have already started to implement the regulations and is constantly constructing the green buildings meeting the criteria of GRIHA ratings. Lotus Greens Group is one of the top most contributors to encourage sustainable development by promoting the green building concept. Few projects of this group attained GOLD rating from GRIHA.