Now Pay 40 Lakh to 1 Crore Only For a Parking Slot!

By SiliconIndia   |   Tuesday, November 20, 2012   |    1 Comments
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Bangalore: Earlier, to buy a one bedroom apartment or a car, 30 lakh was more than enough. But in today’s date, such amount may hardly been enough to get a parking space in an apartment. Developers are quoting high rates for parking space in Mumbai’s ultra-luxury residential buildings and the price starts from 7 lakh to 40 lakh, reports Times of India.

New luxury residential buildings are charging whopping price for parking spaces in Mumbai’s Nepean Sea Road to Wadala, known as costliest streets in India. However, year old buildings like Samudra Mahal in Worli demand 80 lakh to 1 crore for closed parking space in Mumbai. Previously, such parking spaces would be offered under price bracket of 5 lakh to 15 lakh.

“Space crunch is one of the main reasons that costs are high, especially in south Mumbai where majority of the buildings do not have a car parking space,” said Nikhil Bhatia, western region head of property consultants CBRE.

Pujit Agarwal, managing director of Orbit Corporation stated that “Under the newly approved Maharashtra Ownership of Flats Act, we are permitted to sell parking spaces. Depending on the location and the kind of project we are developing, we incur costs to build these car spaces and then install machinery and state-of-the-art elevators for the residents, who want a certain quality product. Developers naturally will recover the cost from flat buyers,” reports TOI.

Also Read: World's 10 Hottest Property Markets

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Reader's comments(1)
1: Prices are becoming unimaginable for mid-sized segment
Posted by:Siv - 20 Nov, 2012

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