Space crunch in both South Mumbai and suburbs has
sent rates spiralling up where parking slots are going for Rs25 lakh in these zones.
You could do a lot of things with Rs15-25 lakh. You could get a 1-BHK in a suburb. Or earn a decent interest if you put it away in bank FDs. Or you could just about buy parking space!
Yes, parking slots are going for Rs25 lakh in the zone comprising Malabar Hill, Altamount Road and Walkeshwar Road. For the same money you could also buy two Honda CRVs or a Mercedes. Upmarket Cuffe Parade and Worli societies too are quoting Rs25 lakh to give four-wheelers a protective cover.
“It’s difficult to comprehend such high rates. Almost like buying a new car. Developers, however, are catering to the demand by providing three-four car parks in premium apartments,’’ says chairman of Knight Frank global property consultants Pranay Vakil.
Realtors say stilt and basement car parks are being sold for at least Rs15 lakh in some places. In older buildings, covered parking cost a ‘modest’ Rs7-8 lakh.
Space crunch is one of the main reasons costs are defying all logic. “One of the reasons for rates going up could be because most buildings do not have a car park at all. In Kalbadevi and Dava Bazaar for instance, residents park in some other buildings for a charge,’’ says Estate Agents Association of India committee member Sanjay Shenoy.
Besides, Shenoy says most buildings in South Mumbai were built prior to the 1960s and provision was made for only one car. With more people having more than one car, parking problems have forced some buildings to sacrifice the swimming pool.
Suburbs don’t fare much better either. New buildings have more covered parking space, but with about 300 new cars getting registered in the city every day, the demand-supply ratio is heavily skewed.
According to M Shah, a suburban developer, covered parking in A category buildings in Bandra-Khar come with a Rs15 lakh price tag. ``I recently sold two stilt car parks for Rs20 lakh a year back. Today, their value must have touched Rs35 lakh,’’ Shah says, adding two years ago a covered parking slot cost at least 50% less.
Developers are fully exploiting the space crunch. Open parking, which cannot be sold as per law, is regularly allotted by developers. ``The parking space is shown as one-BHK in the building plan approved by the civic authorities. The buyer doesn’t know this since the approval is done with the connivance of the authorities,’’ said an architect.
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