MUMBAI: Mortgage lender HDFC has entered into a Memorandum of Understanding (MOU) withthe Indian Green Building Council(IGBC) to promote green buildings in the country. The non-banking finance company intends to work withIGBCto createawarenessand promote financing of green buildings in the country.
Under the MOU, HDFC and IGBC will promote green housing by jointly organising training and awareness programmes to facilitate capacity building across the country.
“With the lowest ever interest rates on home loans, stable property prices and concessions on stamp duty rates by some states, the demand for housing is likely to increase. As the sector is growing rapidly, preserving the environment is of utmost importance. We need more energy efficient, smart, green buildings. This MOU will enable us to promote more financing of green buildings in India. As stakeholders, we all have a role to play in reducing our carbon footprint and safeguarding the environment,” said Renu Sud Karnad, MD, HDFC.
HDFC has disbursed over 14,000 crore worth retail loans to home buyers in 310 certified green building projects across the country as of December 23. Further 75% of its lease rental discounting portfolio has green ratings.
“IGBC is committed to contribute to the sustainable development of the built environment in the country. The contribution ofFinancial InstitutionslikeNHB, HDFC, etc in this green journey has been phenomenal. Today’s formal engagement with HDFC will help advance the National green building movement,” said V Suresh, Chairman, IGBC.
A green building, or sustainable design, is the practice of increasing the efficiency with which buildings and their sites use energy, water, and materials, and of reducing impacts on human health and the environment for the entire lifecycle of a building.
The government is also pushing the green building movement in India by offering fast track environmental clearance for green building projects which are pre-certified or provisionally certified by IGBC. In some states, additional floor space index (FSI) is granted to such projects ranging from 1-10% depending upon the rating of the project. Property Tax rebate is also being given to property owners in a few states based on the rating of the project.
Download The Economic Times News App to get Daily Market Updates & Live Business News.