Noida Authority to reward 5% FAR to green building developers
Noida: On a measure to support development of green buildings in the city, the Noida Authority has decided to reward over 24 developers who have opted for eco-friendly construction by giving them 5 percent floor area ratio (FAR) for free.
Around 20 buildings have been completely designed on the green concept and have received the Authority’s approval in the last two quarters.
Usually, if any developer wants to get an additional 5 percent FAR, then the Authority charges very high, said an official of Noida Authority. Now it is giving 5% FAR freely to the developers whose project design is considered eco-friendly according to the Green Rating for Integrated Habitat Assessment (GRIHA) or by the Union ministry of forest and environment.
Although the Authority started the green building concept in 2010, none of the realtors were interested in coming up with eco-friendly buildings. As the green areas of the city have started diminishing, the officials had started promoting the green concept and surprisingly, about 20 developers came forward with green buildings after due approvals by the Authority.
Five green projects, which were started in 2010, have already completed construction. Several government organizations have decided to build only green buildings and many others are providing subsidies and incentives for such projects.
According to market experts, extra FAR in regions like Noida, increased market value, increased asset value, operational cost savings, green corporate image and reducing incremental cost are the driving factors for the green building trend in India.
Many benefits are associated with green buildings. They aim towards the efficiency of resources including energy, water, and building materials, while taking into consideration the building impacts on human health and the environment. Besides the fact that they save energy, mainly electricity and water, they also involve less maintenance, includes improved air quality, yield good return on investment, reduce harmful emissions, favors waste reduction, etc.
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