Can You Buy a Property in Mumbai for ₹50 Lakh? The Surprising Truth
Discover what a ₹50 lakh budget can get you in Mumbai's luxury real estate market, where parking spaces can cost as much as a small apartment.
Mumbai Real EstateLuxury ProjectsParking SpacesMahareraReal Estate MarketReal Estate NewsNov 27, 2024
The Cost of Parking in Mumbai
Several luxury real estate projects are located in prime areas such as Worli, Prabhadevi, and Lower Parel. In these areas, a ₹50 lakh budget is just about enough to purchase a covered parking slot. According to brokers, the price of parking spaces in Mumbai varies significantly depending on the location and the developer. For instance, in premium projects where apartments are priced at ₹1.25 lakh to ₹1.50 lakh per sq ft, a parking space can cost between ₹40 lakh and ₹50 lakh.
Examples of Luxury Projects
Consider an under-construction luxury project in the Worli Sea Face area. This project offers 5 BHK apartments spread across more than 6,000 sq ft, each costing over ₹125 crore. These luxury units come with up to six parking spaces, each priced at ₹50 lakh.
Parking Spaces and Apartment Prices
Real estate brokers in Mumbai explain that developers typically do not sell parking spaces separately but include their cost in the total price 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 parking space is ₹10 to ₹15 lakh, which can go as high as ₹40 to ₹50 lakh. Homebuyers still have to pay stamp duty on the parking space's value to the government.
Office Projects and Parking
Similarly, premium office projects in Mumbai are often sold with parking spaces in the price range of ₹20 lakh to ₹30 lakh. This practice ensures that office spaces come with essential amenities, even at a higher cost.
MahaRERA Regulations
According to MahaRERA (Maharashtra Real Estate Regulatory Authority), open parking areas are provided free of Floor Space Index (FSI), and developers cannot sell or allot them for monetary consideration. However, covered parking spaces can be sold to homebuyers. A circular issued by MahaRERA in 2021 stated that the type, number, size, and location of the covered parking space should be mentioned in the sale agreement, along with a plan showing the exact location.
Ensuring Transparency and Clarity
In April 2024, MahaRERA further emphasized the need for transparency by asking developers to include details of parking spaces in the sale agreement and allotment letter. This move came after numerous complaints from homebuyers about issues such as beams obstructing parking, inability to park in the allotted slot, and difficulty opening vehicle doors. By including all details related to parking in annexures to the allotment letter and sale agreement, MahaRERA aims to prevent any ambiguity and future disputes.
Conclusion
In the luxury real estate market of Mumbai, a ₹50 lakh budget might not buy you an apartment, but it can secure a premium parking space. Understanding the regulations and market dynamics can help potential buyers make informed decisions.
Frequently Asked Questions
What can a ₹50 lakh budget buy in Mumbai's real estate market?
A ₹50 lakh budget in Mumbai's luxury real estate market can buy a covered parking space in prime areas like Worli, Prabhadevi, and Lower Parel.
How much do parking spaces cost in premium projects in Mumbai?
In premium projects, parking spaces can cost between ₹25 lakh and ₹60 lakh, depending on the location and developer.
Can developers sell parking spaces separately in Mumbai?
Developers typically include the cost of parking spaces in the total price of the flat, but they can sell covered parking spaces for a consideration amount.
What are the MahaRERA regulations regarding parking spaces?
MahaRERA regulations state that open parking areas are provided free of FSI and cannot be sold, but covered parking spaces can be sold with the details mentioned in the sale agreement.
Why did MahaRERA ask developers to include parking details in sale agreements?
MahaRERA asked developers to include parking details to prevent ambiguity and future disputes, especially after numerous complaints from homebuyers about parking issues.
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