Weakening property demands have resulted in Mumbai real estate builders being weighed down with large stocks. But the developers are using their creative skills to sustain themselves in the business. They are coming up with innovative ideas to not let the Mumbai property market scrub down.
While green buildings have already marked their entry in the Mumbai real estate market, the concept of green cover is burgeoning as well. A cover of flora is provided to the client on long terraces and podiums. Depending on the project size the cover spans up to 2.5 acres, research reports. It is provided on terraces, over huge multi-level car parks and ‘relief’ on the middle floors of high-rise complexes.
Talking about the advantages, for the buyer, who is getting more environment conscious day-by-day the benefits are apparent. Besides being healthy the green canopy is also a way to reminiscence the good old way of living in the nature’s lap, feels Mr S Kapoor, Mumbai real estate agent. For the builders, the value the green canvas provides is enormous.
One of the largest such elevated gardens is being developed by Marathon Group. It is a mixed use residential-cum-commercial complex having a built-up area of about 7 lakh sq ft. The elevated garden project is 1.20 lakh sq ft in area. Also, Orbit Corporation has designed a garden and club house on the eighth floor of one of its projects, in addition to roof parks on every fifth floor of another.
According to Mumbai real estate builders, generally, the additional cost of Rs 250 to Rs 300 a sq ft for setting up the green cover has no influence on Mumbai property prices per se, that are in any case ascending Rs 10,000 per sq ft.
Moreover, on the back of lackluster sales Mumbai property rates are witnessing a dip, so to retain the interest of the buyers green canopy has now become a trend among the Mumbai Real Estate Developers [http://www.magicbricks.com/property/search/p/builder/p~p!src~builderSearch!ct~4320!/_Mumbai-builder.html].