Both, the home buyers and the developers/realtors in Maharashtra state have a reason to smile as they will soon get a tax rebate for the construction/buying of a green home. The development charges are also likely to be waived-off for the same.
Last week, the urban development department issued the new green building policy of the state and according to this the developers and the housing societies who obtain the green building certificate will become eligible for availing rebates on property tax and development charges.
As per the new policy, the developers can avail a rebate upto 10 percent on development charges and the societies/home buyers can avail the same rebate on property tax upto 10 percent. A senior official of the state government said that the urban development department has invited public suggestions and objections on the policy and hearing on the same will begin soon.
An official of the department said that the home buyers in green buildings can avail a property tax rebate upto five years from securing the Occupancy Certificate (OC) and this availability is based on the green building rating of the property.
The tax rebate will completely depend upon the property rating. As the home buyers of a five-star or platinum rating will avail a rebate of 10 percent in property tax whereas those owning a home in four-star or gold and three-star or silver ratings will avail a property tax rebate of 7.5 percent and 5 percent, respectively.
Similarly, the developmental charge rebate will be offered to the developers which depend upon the green building rating. The developers acquiring platinum rating will avail a rebate of 7.5 percent in the development charges and the developers with gold and silver ratings will avail a rebate of 5 and 2.5 percent, respectively.
The Maharashtra state government will soon ink an MoU with TERI-GRIHA [Green Rating for Integrated Habitat Assessment] and GBCI-LEED [Leadership in Energy and Environmental Design] to certify buildings as green buildings.
The citizens having suggestions or complaints about the policy can submit them within a one month. Apart from being environment-friendly, the green buildings have lesser electric and water consumption.