Can a ₹50 Lakh Budget Get You a Property in Mumbai's Real Estate Market?
A ₹50 lakh budget might not be enough to buy a full apartment in South and Central Mumbai, but it can get you a parking space in some of the city's most expensive areas. Read on to find out more.
Mumbai Real EstateLuxury ProjectsParking SpaceMahareraProperty PricesReal Estate MumbaiNov 27, 2024
Several luxury real estate projects are located in areas such as Worli, Prabhadevi, and Lower Parel. A ₹50 lakh budget may not be large enough to buy an apartment in these prime locations, but it can certainly get you a parking spot. For example, an under-construction luxury project in the Worli Sea Face area offers 5 BHK apartments spread across an area of over 6,000 sq ft, priced at more than ₹125 crore. Each unit comes with a maximum of six parking spaces, with each slot priced at ₹50 lakh.
According to brokers, apartments priced at ₹1.25 lakh per sq ft or ₹1.50 lakh per sq ft are considered premium projects. In these housing units, a parking space can cost between ₹40 lakh to ₹50 lakh. Real estate brokers note that while developers do not sell car parking spaces separately, the price is included in the total cost of the flat. For instance, a 5,000 sq ft apartment priced at ₹100 crore will typically include four car parks.
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Frequently Asked Questions
Can a ₹50 lakh budget buy a flat in South Mumbai?
A ₹50 lakh budget is generally not enough to buy a flat in South Mumbai, but it can buy a parking space in luxury projects.
What is the average cost of a parking space in South and Central Mumbai?
The average cost of a parking space in South and Central Mumbai ranges from ₹10 to ₹50 lakh, depending on the location and the developer.
Are parking spaces sold separately by developers?
Developers do not usually sell parking spaces separately but include the cost in the total price of the flat.
What does MahaRERA say about selling parking spaces?
MahaRERA states that open parking areas are provided free of FSI and cannot be sold, but covered parking spaces can be sold for monetary consideration.
What is MahaRERA's role in the real estate market?
MahaRERA's role is to protect homebuyers' interests, regulate real estate projects, ensure compliance with RERA norms, and resolve disputes between homebuyers and developers.
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