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The benefit a variety of grass that is slow growing is obvious: slow-growing grass would need to be mowed less often. A grass that grew, say, 60% as fast as normal grass would be enormously useful. The time and expense, as well as fuel consumption and pollution, related to lawn mowing would be substantially reduced.
With all the advances in biotechnology, it seems odd that a slow-growing strain of grass has not been developed. It would likely be highly profitable for the parties that developed it.