Parking space expensive than cars in Mumbai

Open parking space cannot be sold
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Parking spaces in Mumbai are hard to find, there are more cars than space available to park them. No wonder when a garage or a covered parking is up for sale, people grab it at a premium.

By Varun Singh

On Wednesday a real estate deal took place in the upmarket area of Cuffe Parade. The deal was of a car parking space which was sold for Rs 25 lakh.

Yes, a home buyer paid Rs 25 lakh to buy a car parking space measuring 13.6 sq mts (146 sq ft).

Owning a space to park vehicles in Mumbai that exclusively belongs to you is nothing less than a dream for many.

Even in buildings there are limited covered spaces to park cars that a home buyer gets. These are referred as garages and are mostly found in old constructions.

However, the recent Cuffe Parade deal has brought to the fore again the importance of covered parking.

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A developer cannot sell open parking, the spaces that are normally sold in new and resale deals are covered parkings or garages.

Yashika Rohiira, of Karma Realtors says, “Finding a car park that too a covered car park in Mumbai buildings is difficult. Whenever, a garage or a covered parking space comes in market, the residents of the same building jump for it.”

According to Rohiira, residents do not mind paying a premium too for such spaces. And in most cases the garage is way expensive than the cars to be parked there.

Such spaces have always attracted a premium, there are instances cites another realtor where buyers have paid unimaginable rates too.

Pramod Vyas, a realtor from South Mumbai says, “The parking spaces that we are talking about are not the open ones, they are covered from all sides. In 2010 and before that, in Malabar Hill buyers would shell out Rs 50 lakh for a covered parking.”

Also Read: Power firm MD pays Rs 1.12 lakh psf for Worli duplex

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