Several banks offer rebate on interest rates for green buildings, says expert

Faiza Solanki, a regional technical and business development specialist from the International Finance Corporation, mentioned during a panel discussion that several banks are providing rebate on interest rates for green buildings, both for individual homes and commercial developments. She explained that banks have a list of eight requirements for individuals seeking these rebates.

Solanki noted that green certification for buildings has been on the rise since 2013, including affordable housing projects like Tamil Nadu's Thozhi Hostels. She identified a lack of understanding about the benefits as the main obstacle preventing more people from pursuing green certification. Vishwajit Kumar, Managing Director of Navin’s Housing, shared that commercial buildings are increasingly aiming for net zero carbon emissions, and tenants are willing to pay for the associated eco-friendly features.

Urbando's Bharath Kumar Venkatesan observed that while sustainable buildings may not be more expensive, residential buyers do not typically request green features. The panelists called for state government incentives, such as free plottage rights, to encourage green building practices and make them the norm within a decade. They also highlighted that traditional village homes often utilize sustainable materials and incorporate features like open courtyards (mitham) in their designs.