It is a trend that is catching up. “More business projects in Tier II cities are subscribing to green building ratings and environmental-friendly designs as top global investors are interested in funding such projects,” says P. Gopalakrishnan, MD, Green Business Certification Inc (GBCI), Asia Pacific & Middle East.
GBCI is a US-based MNC that certifies and rates sustainability performance and practices and drives adoption of green business practices. It works closely with the US Green Building Council (USGBC).
In fact, Tier II cities in India like Visakhapatnam, Bhubaneswar, Jaipur, Chandigarh, Lucknow, Guwahati, Pune, Coimbatore, Mysore, etc. are seeing an an increasing number in green projects.
“The reason is simple. Incorporation of green initiatives may result in 2 to 3% cost escalation, but it is recovered within six months,” Mr. Gopalakrishnan told The Hindu.
Andhra Pradesh has over 20 green projects which have been certified with GBCI’s Leadership in Energy and Environmental Design (LEED) green building rating. Among them are the ITC building in Guntur, Colgate Palmolive in SriCity, Nellore, and HPCL in Visakhapatnam to name a few.
Amaravati policy
The GBCI is also in consultation with the Andhra Pradesh government for sustainable green buildings and cities, according to Mr. Gopalakrishnan.
“We discussed green cities and industrial parks with the erstwhile government. We are waiting to take the idea forward with the new government. We are also waiting for the government to make a statement about the green initiatives, incentives, and related policy,” he said.
According to the sources, the existing policy in the State speaks of 25% capital subsidy on any project that follows green and environment-friendly initiatives.