: In simple terms, it is a project where the construction is started from scratch. A greenfield project is a piece of land where no construction has taken place previously as well as no activity of reconstruction or demolishing has taken place.
A greenfield project is a project that is created from scratch without any restriction of previous work on the land like an existing infrastructure or building. It can include manufacturing, industrial, infrastructure, and urban development projects created on undeveloped greenfield land. Some examples of a greenfield project are new factories, airports, and power plants developed from scratch on greenfield land.
Now you know what is a greenfield project.
You can explore a wide range of greenfield projects on NoBroker
Benefits of Greenfield Projects: High livability quotient for property buyers:A residential greenfield project is generally built as a self-sustained township and has smart homes equipped with the best in home automation. It ensures community living with new people, instead of sharing the property with old tenants, as in the case of redevelopment projects.
Development:
Most greenfield developments are on the outskirts of cities and towns, so you will rarely find a greenfield project within congested cities like Delhi and Mumbai. This creates an opportunity for economic and infrastructural development, as a direct result of increased business activities in that locality.
Flexibility:
A greenfield project provides developers the option of starting from scratch and developing a project that fulfills not only current but also future requirements. They also offer complete flexibility while developing the project, without needing to remodel or demolish anything on the site.
Consult NoBroker’s Legal Experts if you are facing any legal issues in buying/selling a property
Additional Read:
What To Check When Buying A Builder Floor?
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What is a Greenfield project?
Mudit
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3 Year
2022-04-19T12:43:02+00:00 2024-09-20T13:19:18+00:00Comment
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