Can a ₹50 Lakh Budget Buy You an Apartment in Mumbai? The Surprising Reality
If you've set aside ₹50 lakh to buy a property in Mumbai, you might be in for a surprise. While this amount might not be enough for a full apartment, it can get you something essential in the most sought-after areas. Read on to find out what.
Mumbai Real EstateProperty PricesParking SpaceMahareraLuxury ProjectsReal EstateNov 27, 2024
A ₹50 lakh budget is just about enough to purchase a parking space in the most sought-after areas of Mumbai. According to real estate brokers, covered parking slots in luxury projects are priced anywhere between ₹25 lakh and ₹60 lakh, or more, depending on the project. For instance, an under-construction luxury project in the Worli Sea Face area, which is a prime location in South Mumbai, offers 5 BHK apartments spread across over 6,000 sq ft. These apartments cost more than ₹125 crore and come with a maximum of six parking spaces, each priced at ₹50 lakh.
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 typically include four car parks.
Frequently Asked Questions
Can I buy an apartment for ₹50 lakh in South or Central Mumbai?
A ₹50 lakh budget is generally not enough to buy an apartment in the premium areas of South and Central Mumbai. However, it can get you a parking space in these areas.
What is the price range for parking spaces in Mumbai's luxury projects?
Covered parking slots in luxury projects in Mumbai can range from ₹25 lakh to ₹60 lakh or more, depending on the specific location and the developer.
Do developers sell parking spaces separately in Mumbai?
No, developers typically do not sell parking spaces separately. The cost of parking is usually included in the total price of the flat or property.
What does MahaRERA say about the sale of parking spaces?
MahaRERA mandates that details of parking spaces sold or allotted to homebuyers must be included in the sale agreement and allotment letter to prevent any ambiguity and future disputes.
What are some common issues faced by homebuyers regarding parking spaces in Mumbai?
Common issues include beams obstructing parking of vehicles, inability to park in the allotted slot, and difficulty in opening vehicle doors. MahaRERA has issued guidelines to address these issues.
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