Lack of parking facility makes buyers frown upon SoBo flats

There are no takers for homes in old buildings with no parking space in south Mumbai.

Housing societies in areas such as Peddar Road, Napeansea Road, Malabar Hill, Marine Drive and Churchgate are not transferring parking lots, discouraging buyers who must spend crores to buy a home. The buildings in the area have been built in the 1960s and ’70s when parking was not the main concern.
“Now every occupant has at least two to three cars,” said Ashok Gulati, chairman of Sun Realty India (property brokerage firm).

Housing societies have started giving parking facility either on a rotation basis or through queue. “New flat buyers do not get parking space immediately,” he added.
Gulati has a solution to create more parking lots in the city. “Parking space should be free of FSI.”

Sources said a 1-BHK flat (500 to 600 sq ft) is priced between Rs2.5 crore and Rs3 crore. “Many buyers give priority to new buildings or the suburbs where they get ample parking space,” said a real estate expert, requesting anonymity. “This has affected property sale in south Mumbai.”   

Pankaj Kapoor, managing director of Liases and Foras, a real estate research company, said parking space is a necessity. “In the redevelopment scheme, more space should be kept for parking.  The BMC can encourage developers to construct buildings for parking only. People will buy flats if a public parking facility is nearby,” he said.