An example of a greenfield project is one that is built from the ground up, and there is no previous construction on the site and no demolition or reconstruction.
Greenfield projects provide several advantages
Growth: Many greenfield developments are located at the edge of cities such as Mumbai and Bangalore due to the scarcity of greenfield lands in crowded areas.
Versatility: A greenfield project offers the benefit of starting from scratch and creating a project that satisfies present and future needs.
Benefits to the community: Greenfield sites are generally located in suburban or residential areas, and provide more opportunities for community-based initiatives.
Drawbacks of greenfield projects
Ecological consequences: There are many drawbacks of greenfield development, including the expansion of green areas and the destruction of natural green cover, particularly in sparsely populated areas with easier access to untouched land.
Capital: The foundation for a new project on a greenfield site needs to be laid, beginning with the application for the different permits and licenses required to begin construction.
Longer time to complete: From the first approval stage to the final construction phase, a major project on a greenfield site usually takes much longer than one on a brownfield project.
Kishan Thakkar is working as a writer for the real estate and architecture industry. He has a gold medal in his bachelor's degree in architecture. His experience includes working for various reputed firms. He is currently pursuing MBA in Business Management from NMIMS and handling operations for The Real Talks platform.