by THO
If you’ve set aside ₹50 lakh to buy a property in Mumbai, you will be in for a surprise for what it can fetch you in the country’s most expensive real estate market.
Several luxury real estate projects are located in areas such as Worli, Prabhadevi and Lower Parel and a ₹50 lakh budget may not be large enough to buy an apartment but can get you something that is essential for every homebuyer today. Any guesses?
A ₹50 lakh budget is just about enough to purchase a parking space in the most sought-after areas of Mumbai, though options may vary depending on the specific location and the developer. There are several luxury projects in the Mumbai real estate market where covered parking slots are priced anywhere between ₹25 lakh and ₹60 lakh, or more, depending on the project.
According to brokers, apartments priced at ₹1.25 lakh per sq ft or ₹1.50 lakh per sq ft are termed as premium projects and a parking space in these housing units can set you back by ₹40 lakh to ₹50 lakh.
To cite an example, an under-construction luxury project in the Worli Sea Face area, a promenade of South Mumbai, offering 5 BHK apartments spread across an area of over 6,000 sq ft costs more than ₹125 crore. The unit comes with a maximum of six parking spaces priced at ₹50 lakh each.
Car parkings are not sold separately
According to real estate brokers, developers do not sell car parking separately but include the price in the total cost of the flat. For example, a 5,000 sq ft apartment priced at ₹100 crore will include four car parks.
“In South and Central Mumbai, the minimum price of a car parking is ₹10 to ₹15 lakh. This can go as high as ₹40 to ₹50 lakh, but the amount is included in the total price of the flat. However, the homebuyer does end up paying the stamp duty depending upon the size of the car parking to the government,” said a real estate consultant from South Mumbai.
Another real estate consultant in Mumbai said that premium office projects in Mumbai are alos sold along with car parkings in the price range of ₹20 lakh to ₹30 lakh.
Also Read: Mumbai real estate market: 5 luxury apartment deals that cost ₹100 crore and above
Can real estate developers sell parking space to homebuyers?
According to MahaRERA, open parking areas are provided free of Floor Space Index (FSI) and developers are not entitled to sell/allot open parking areas for monetary consideration. However, in the case of covered parking, developers can charge a consideration amount from homebuyers.
In this context, a circular issued by MahaRERA in 2021, had said that “Garage and/or covered parking space when sold/allotted for monetary consideration, the type, numbers and size as well as the place where such garage or covered parking space is situated should be mentioned in the agreement for sale being entered into and the plan showing the exact location/allotment along with the particulars as aforesaid should be annexed to the agreement for sale.”
Also Read: MahaRERA update: 5 things homebuyers should know about brokerage fee payable to real estate agents
In April 2024, MahaRERA had also asked developers to include details of parking spaces allotted or sold to homebuyers in the sale agreement and allotment letter to prevent any ambiguity and future disputes.
Also Read: Real estate sector is full of ‘horror stories’, says former MahaRERA chief Ajoy Mehta
The MahaRERA took the decision after it received several complaints from homebuyers ranging from beams obstructing parking of vehicles, inability to park in the allotted slot to inability to open vehicle doors. Hence, it asked developers to include all the details related to parking in annexures to the allotment letter and the sale agreement.
