No tax cuts, FSI sops for eco-friendly bldgs Govt To Soon Release Code For Green Structures

Mumbai: After dangling a carrot in front of developers and citizens to promote environment-friendly buildings, the state government seems to have yanked it away for now.      For the last few years, the state had been hinting at providing water and property rebates and providing FSI incentives. But now these sops find no mention in the first-of-its kind "green building code" being readied by the government, said sources.      The new code, which will include mandatory and voluntary reforms, are in the final stages of preparation and will be soon announced, said a senior state official.      Last week, state chief secretary Jayant Kumar Banthia convened a high-level meeting to discuss these reforms.      Sources revealed that the financial implications of offering rebates in property and water taxes could have scuttled these incentives with the state finance department reportedly wary of the option. There was also no consensus and clarity on the FSI incentive plan, an official revealed. Finally, it was decided that the mandatory reforms in the new code must be pushed through without any incentive, the official added.      The government has, however, decided to continue with its initiative of granting priority for environmental clearance procedures to green buildings. Last year, the government introduced a scheme where buildings with green certification were given priority for environmental clearance; it was a tangible benefit as the environment clearances usually take over a-year-and-a-half. This initiative has been gaining popularity with developers.      The state has decided to first enforce the new code for government and semi-government owned and aided buildings; private buildings will be granted a "window period" of three years to comply with the mandatory reforms.      A few of the mandatory reforms include implementing rainwater harvesting for both roof and non-roof areas, planting trees on at least 15% of net plot area, using colour coded bins for waste segregation and reusing 50% of the construction waste. The state has included transplantation of 75% of uprooted trees as a voluntary measure, but made plantation of five saplings of every uprooted tree mandatory.      "Green buildings can reduce the footprint of greenhouse gas emissions by 20%," said Valsa Nair-Singh, secretary, environment department, adding that the government plans to take up promotion of green buildings as a mission. Chief minister Prithviraj Chavan has been pushing the administration to evolve a uniform code for green buildings. SOME OF THE MANDATORY REFORMS  Implement rainwater harvesting  Use minimum 50% of non-roof areas for parking, walkways, podiums with open grid/grass pavement  Plant native species of trees in at least 15% of the net plot area; plant five saplings for every tree uprooted  Place colour coded bins for segregation of waste in the building compound      Place solar light panels in common open areas, passages, gardens and internal roads; instal solar water heating system to take care of at least 75% of hot water requirement      Instal dual flush cisterns (capacity of 3-6 litres) in water closets      Limit maximum flow of water to 10 litres per minute; instal low flow urinals (2litre/flush)      Source at least 10% of construction material locally to reduce emissions due to transportation      Reuse 50% of the construction waste material within or outside the site, or donate it or sell it for recycling or reuse

Rupee’s tumble hits leisure travel

Mumbai: The rupee's depreciation is costing Indian travellers a pretty penny. Not only are air fares costlier, but also overhead travel costs, including hotel tariffs, and sight-seeing and shopping expenses have also increased.      A 14-day budget holiday to the US for one person would have cost around Rs 1.25 lakh in January 2012. With the  rupee dropping from Rs 45 against the dollar in 2011-end to Rs 60 now, the same package costs Rs 1.8 lakh. Other popular destinations like Canada, Singapore and Dubai have also become more expensive as their currencies have gained against the rupee. As a result, leisure travel to the West and Southeast Asia will suffer considerably, say experts and travel agents.      The rupee's tumble started in 2011-end. "That was the first blow, making many alter travel plans. Costs spiralled above budgets," said a Fortbased travel agent. "With the rupee's latest fall around two weeks ago, bookings for American holidays for the next three or four months are at least 30% less than usual."      Against the Canadian dollar, the rupee has fallen from Rs 51 last year to Rs 57—a 12% fall. Travel costs have risen accordingly. The Singapore dollar cost Rs 38 in 2011; today it is Rs 45—an 18% rise in two years. The value of the Australian dollar has risen by 22% in two years—from Rs 45 in mid-2011 to Rs 55 today. Against the euro and the pound, the rupee has fallen 22-25% over two years. "Air tickets to London are 20% more expensive now," said a travel agent. The overall cost of a holiday in Britain is about 30% more today, which is comparable to the increase in the cost of an American holiday.  20% fall in forex travel card biz seen      When the Indian rupee weakens, the forex travel card market shivers. A forex card is a prepaid card on which foreign currency is loaded and can be only used while travelling overseas. "The retail business would see a dip of 20% if the rupee continues to fall," a top player said. Already, forex card sellers, largely banks, are seeing the impact on the amount of currency loaded. The forex travel card market, estimated at $1.9 billion in India, has grown at 15-18% in the last two years, primarily driven by the retail segment comprising leisure, medical and student travellers. P 15 Travel spots in West out of bounds  Mumbai:Had the rupee not lost so much ground against the pound, recent tourism promotions by Britain would have attracted better response.      "A holiday in continental Europe, too, is becoming out of bounds. Indian travellers need to increase their budgets by almost 40% to afford a European holiday," said an Andheri-based tour operator. "Greece has become quite popularamong Indians because of a short travel duration, but the rupee's depreciation will affect travel to that country."      A five-day trip to Singapore in 2011 used to cost about Rs 50,000 for one person. "Today it would be Rs 75,000," said Rajesh Rateria of Cirrus Travels. "The budget traveller has shifted to cheaper holiday options or shortened trip durations. Since US packages aren't shorter than 10 days, those who had planned a holiday there have changed plans and opted for destinations within India."      Relatively, Dubai used to be much cheaper than western destinations, but it too is more expensive for Indians than two years ago, said Pradip Lulla of Cupid Travels. The reason is the dirham has gained 36% against the rupee in the last two years.      "Only travel related to business and education will stay steady. Indians will continue to travel, but budget travellers will look for alternatives," said Lulla.