Pollution-Free Land To Cost More

Pollution-Free Land To Cost More
Bangalore
The Times of India

Being eco-friendly is not just about a Green Earth or your health. It's also about wealth. Builders and developers are ready to pay more for land certified as contamination-free under the Environment Site Assessment (ESA).

According to the programme developed in India by Enzen Global Solutions, a seller can voluntarily check for contamination level in soil, water and air in the area before the person puts it up for sale. Mostly done in industrial areas being converted into residential or business complexes, such an assessment will minimize risk to buyers. A positive appraisal will enhance land value and it's advantageous for sellers too.

"Most of us look at cost or accessibility when we chose a place to build a house or office. Awareness about safety in terms of pollution is slowly increasing among Bangaloreans," said Uma Rajarathnam, head of environment practice department, Enzen Global Solutions.

Prospective buyers too are aware of this trend. "When I bought my house in Brookefields, I didn't check these things. Now, I find the groundwater so polluted that we are forced to use reverse osmosis. Even after that, we find white patches on the granite slabs when water is left on it. Standards on pollution are always welcome," said Mythili G Nirvan, who works with a public relations agency.

Rupam Dutta, general manager of hotel Radha Regent, said he looks only at land with ESA certification. "The most important thing I need in my business is clean water. I need authorization from the government every month on water quality. We have to address satisfaction of customers who include corporates and foreigners," he said.

Such demand for clean facilities drives the need for the ESA mark. "ESA will have an effect on the price of industrial site. The seller will definitely demand a better price if the site is free of contamination. Otherwise, the buyer can negotiate a lower price," said R Balaji, CEO of Propmart, property solutions provider.