With the State Government introducing new DC rules yesterday and putting more stress on FSI increase, it has not only brought in a new measure to the construction plans, but has also ascertained the stability of real estate sector to a significant extent. Buildings with one FSI are proposed to be replaced by four FSI zones. Besides, offering three to seven per cent incentives on the basic FSI, the Government has made the plan even more lucrative to the home buyers as well as the builders.
From the local bodies and public sector constructions to the government and semi-government buildings, the state has made it mandatory for all such structures to pull off a minimum rating of three-star from the concerned agency. However, with the plan to promote green buildings in the private sector, the environment is also expected to get better. The state government has decided to take special care to support energy efficiency in the urban areas, thereby perking up the quality of the existing buildings.
Moreover, with water supply being a major issue in the urban areas, the restoration of old buildings will surely work as a strong drive to improve sustainability of the constructions. According to the new rules, the ratings procured from GRIHA (Green Buildings Rating System India) council have a direct impact on the incentives on the FSI. The three-star rating by GRIHA is almost similar to obtaining 3 per cent incentives on the added floor space and likewise, a four-star and five-star rating is equivalent to 5 per cent and 7 per cent incentives respectively. Besides, in case, the developers fail to pull off the targeted ratings at the deal closure, the state Government has every power to take legal actions against them. A penalty of twice the land cost will be imposed on the developers.
According to the chief associates of CREDAI (Confederation of Real Estate Developers Association), these new rules will not only be quite beneficial for the real estate sector, but will also be highly helpful to the environment. Due to the high price of green buildings, many developers who couldn’t opt for it earlier have now found this concept quite lucrative and economical. Besides, the buyers also don’t have to bear extra cost burden, as the Government will pay off the returns with the incentives.