With the intention of further promoting sustainable development, the Gujarat government has decided to provide incentives for green buildings. green buildings. It has decided to offer these incentives in the form of FSI intensives. Currently, FSI is charged between 7% and 12% based on Green Rating for Integrated Habitat Assessment (GRIHA), Indian Green Building Council (IGBC), and Leadership in Energy and Environmental Design (LEED) ratings. The Gujarat government has decided to completely exempt green buildings from this charge.
At the same time, fines will be imposed on buildings that do not meet green building standards. Additionally, a fine will be levied if a rating certificate is not provided when seeking building usage approval. In such cases, fines will be twice the amount of the FSI incentive. The Gujarat government has released a notification regarding this. The notification specifies that FSI incentives will apply to buildings under construction as well as projects that have already obtained certificates from authorised rating agencies as of the notification date. The amount will be reimbursed at the time of seeking building usage approval.
It is not yet known when similar incentives will be introduced in Telangana. Several states are already offering various incentives for green buildings. In this context, real estate experts suggest that similar intensive incentives in Telangana would be beneficial and could lead to an increase in green building constructions.
