Mumbai: HDFC is in talks with the International Finance Corporation (IFC) to get funds that are earmarked for financing green buildings, which consume far lesser resources in terms of electricity and water. The corporation is also incorporating a scoring system in its construction loan credit process, where points would be given for developers putting up ‘green’ projects.
This was announced by HDFC MD Renu Sud Karnad, while signing a memorandum of understanding with the Indian Green Building Council to promote green buildings. According to Karnad, on the individual housing side, the corporation has a small green portfolio of around Rs 14,000 crore. “On the lease rent discounting portfolio that is close to $4.6 billion, about 75% of the funding is to projects that have a green aspect,” she said.
At the same occasion, National Housing Bank (NHB) MD S K Hota said that there was a need to create an adequate stock of green label affordable housing. According to Karnad, green buildings can be promoted by providing cheaper fund and NHB should provide cheaper refinance for such projects. She added that according to IFC, around $1.25-trillion investments could be absorbed by green housing between 2018 and 2030.
Karnad said that although the share of green housing projects was small it would be a matter of time before the regulator starts insisting on it.

Source Google News