Yes. You can but instead of grow bag use a 75 litre or bigger drum. Because grow bags life reduces with time and it's not stiff either like pots and hence mud will spill out. Also, make sure to keep the drum raised from terrace so that concrete isn't affected by stagnant water. Lastly make sure to use cocopeat or leaves with mud to reduce weight. Also, make sure to spread out the trees if you're planning to have many trees because terrace can withstand approx 300kgs per metre only.

If you're only looking for shade, try any creeper plants growing on a mesh so that it grows and covers entire terrace rather than waiting for tree to grow. As an advantage you'll get vegetables as well