Civic body to appoint new agency to rate eco-housing projects

To implement the eco-housing policy to promote environment-friendly measures in real estate, the Pune Municipal Corporation (PMC) has decided to appoint one more agency that will help the civic administration in rating the eco-housing projects in the city.

"In last four years, the civic body has received 50 applications of eco-housing and as many as 30 proposals were given the incentives for eco-housing," said executive engineer Rajendra Raut.

The PMC had earlier appointed Science and Technology Park (STP) for executing the eco-housing policy on behalf of the civic body. As per the agreement, the appointed agency was supposed to scrutinise proposals and issue provisional certificates to applicants for the projects. The agency was to regularly examine the implementation of the policy and submit report every month to the civic body.

According to the proposal tabled in the standing committee, STP was not submitting its monthly report on the implementation of the eco-housing policy. Thus, it was decided to engage one more agency for the job.

Raut said the idea is to promote environment-friendly measures in the real estate industry but not many are coming forward.

Under the policy, the projects were also being given star rating for the implementation of eco-housing policy and incentive in the premium for construction while those buying were eligible to avail rebate in property tax.

The applicants were earlier submitting their proposal directly to STP but now they will be collected by the civic body and distributed among the new agency and STP for implementation.

Consul acquires majority stake in Megatech Powers

Chennai-based Consul Consolidated Private Limited on Friday acquired majority stake in the city-based Megatech Powers Private Limited. According to both the companies, the merger would ensure the consolidated valuation of the companies stand at Rs 500 crore in the next five years. Director and promoter of Megatech Powers Radhakrishnan Nair said the company is known for its solar inverters and is likely to consolidate position in the market post the merger. CEO of Counsul Sriram Ramakrishnan said the merger would ensure both the companies become significant players in non-conventional power market. The power conditioning and back-up markets has tremendous potential with current statistics showing that the market is poised to cross Rs 10,000 crore by 2012-18.

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