Greener surroundings now a premium product
Areas with moderate to high vegetation cover have the higher realty prices compared to low vegetation areas
Nov 11, 2014
Source : The Times of India
Green Realty

 

VADODARA: Living in a green cover amid the concrete jungles is now possible only at premium prices in the city. A study conducted by MS University's department of botany at faculty of science showed that areas with moderate to high vegetation cover have the higher realty prices compared to low vegetation areas.

Presence of trees enveloping a residential society has become so important that advertisements of realty projects liberally use phrases like 'in the nature's lap' and 'away from the bustling city' to lure more clients. The study noted that realty prices are higher in areas like Akota, Alkapuri, Karelibaug and Vasna-Bhayli Road, which also have comparatively more open spaces and vegetation.

"Green cover is a very important aspect for any living space. Apart from bringing in a sense of freshness, trees help in controlling temperatures and keeping pollution under control. This is a clear example of paying more for rare things," said doctoral student Usha Joshi from the department of botany at MS University, who did the study.

The study indicated a positive relation between realty prices and vegetation cover. Joshi added that in the past few years, citizens have become more aware of the benefits of green surroundings that directly correlate with prices of an area. "There are areas like Ajwa Road where the realty prices have never shot up. It is not hard to miss that the area has very less vegetation. Moreover, during the study it also came to light that areas like Sama Road and Old Padra Road that have high realty prices differed with the varying distance from the vegetated areas," she added.


Realty developers are also agree to the fact that a greener project does attract more clients. "Plantations elevate the aesthetics of any place. It boosts the selling potential of a project because nobody likes a congested space. These open spaces are categorical to tier-II cities like Vadodara. This is why the garden-view and windy flats are bought before flats that look over other buildings or foyers," said Vadodara-chapter chairman of Confederation of Real Estate Developers' Association of India, Sanjay Patel.

Realtors, however, said though green spaces are important, they do not break or make any project. "There are many aspects that decide the price of a property. Green spaces are important, but are just one of these aspects. A badly built project cannot be sold because of the green spaces it has," Patel added.

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