Pro­mote green living spa­ces

HT Estates - - FRONT PAGE - Bhairav Dalal

The buzz in the real es­tate sec­tor to­day is smart cities and hous­ing for all. But th­ese de­vel­op­ments, more of­ten than not, in­volve a cost, that too an en­vi­ron­men­tal cost. There­fore, the need of the hour is sus­tain­able devel­op­ment which means ‘ devel­op­ment that meets the needs of the present with­out com­pro­mis­ing the abil­ity of fu­ture gen­er­a­tions to meet their own needs.’ Bud­get 2015 should,there­fore, take steps to en­cour­age sus­tain­able and green devel­op­ment.

Go so­lar

So­lar pan­els are used to har­ness so­lar en­ergy and con­vert it to elec­tric­ity. Many de­vel­op­ers are in the process of con­struct­ing su­per struc­tures whose de­sign re­quires in­te­grat­ing the so­lar power sys­tem. Given the gov­ern­ment’s fo­cus on al­ter­na­tive re­new­able sources, di­rect and in­di­rect tax in­cen­tives could be pro­vided to projects that in­te­grate and pro­vide so­lar power sys­tems in their de­sign.

Tax hol­i­days to de­vel­op­ers

Tax hol­i­days are gen­er­ally granted to en­cour­age in­vest- ments in cer­tain in­dus­tries and ge­o­graph­i­cal ar­eas. Sim­i­lar tax hol­i­days could be ex­tended to in­come from devel­op­ment of real es­tate sat­is­fy­ing green build­ing or nat­u­ral build­ing norms. Green build­ings use a process that is re­source-ef­fi­cient through­out a build­ing’s life­cy­cle.

Ex­emp­tions to end-users

In­di­vid­ual tax­pay­ers could be pro­vided with di­rect tax benefits for pur­chas­ing a prop­erty in a devel­op­ment that ad­heres to green norms. In­di­rect tax benefits in the form of lower stamp du­ties could also be pro­vided to en­cour­age set­ting up a sus­tain­able en­vi­ron­ment.

In­cen­tivise for green fu­els

There has been limited suc­cess in har­ness­ing al­ter­nate sources of en­ergy and mak­ing avail­able en­ergy at rea­son­able prices. The Bud­get could pro­pose an in­te­grated en­ergy pol­icy frame­work that pro­vides tax re­bates to real es­tate de­vel­op­ers us­ing re­new­able en­ergy in green build­ing de­vel­op­ments.

R&D of eco-friendly ma­te­ri­als

There are cer­tain tax de­duc­tions al­lowed on pay­ments made to in­sti­tu­tions en­gaged in con­serv­ing nat­u­ral re­sources. Sim­i­lar de­duc­tions could be ex­tended to com­pa­nies en­gaged in re­search and devel­op­ment of eco-friendly ma­te­ri­als.

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