Now Pay 40 Lakh to 1 Crore Only For a Parking Slot!
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For instance, Lodha Group is charging around 7 lakh for a parking space in New Cuffe Parade, a residential apartment in Wadala, Mumbai. Similarly, the price quote for Orbit Corporation is around 40 lakh for a car park in its luxury residential building at Nepean Sea Road and so on.
According to a property consultant, “In most of the top metro cities where transactions generally take into account the super built-up area (total area of land where the project spread divided by the total number of flats), the parking area is also divided and added to it.” This means, developers have already charged for the parking space before handing over the possession to home buyers. When developers charge additional money to sell the parking space to home buyers, they remain particular about not mentioning it in the legal agreement as the process is illegal and developers will land up in trouble.
Selling parking spaces has become a profitable source which developers have adopted to earn extra revenue. “If developers are restricted from selling slots directly, they find ways to apportion the cost, say, by increasing the charge for the super built-up area or by raising the overall per square foot rate. In other words, property buyers will continue to pay for parking either directly or indirectly,” said the city-based consultant.
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