If you’ve set aside ₹50 lakh to buy a property in Mumbai, prepare to be surprised at what this budget can fetch you in one of the country’s most expensive real estate markets. While you might dream of owning a home in South or Central Mumbai, reality paints a very different picture.
Mumbai, home to some of the most luxurious real estate projects, has areas like Worli, Prabhadevi, and Lower Parel where the real estate prices are sky-high. Apartments in these locations can cost as much as ₹1.25 lakh to ₹1.50 lakh per square foot, putting them out of reach for a ₹50 lakh budget. However, your budget might be just enough for one essential aspect of modern living: a parking space.
Yes, in these premium areas, covered parking spaces are priced between ₹25 lakh and ₹60 lakh or more, depending on the specific project and location. For instance:
In South and Central Mumbai, the cost of a single car parking space starts at ₹10-15 lakh and can go up to ₹50 lakh. While developers include the parking cost in the total price of the apartment, buyers must also pay stamp duty based on the size of the parking space.
According to a real estate consultant in South Mumbai, “Car parking spaces are an integral part of the apartment purchase. In premium projects, these are often priced between ₹40 and ₹50 lakh but bundled with the flat's total cost.”
The trend isn’t limited to residential real estate. Premium office spaces in Mumbai are also sold with parking slots, costing between ₹20 and ₹30 lakh each. In commercial hubs, where space is scarce, parking spaces command significant value.
The soaring prices of parking spaces reflect the scarcity of land in Mumbai and the high demand for luxury housing. As the city continues to develop, developers in premium areas allocate dedicated parking spaces as part of their ultra-luxury offerings, making them a status symbol.
If you’re planning to buy a property in Mumbai with a ₹50 lakh budget, temper your expectations. While purchasing an apartment may be out of reach in premium areas, investing in a parking space could still be an option. And for those considering these high-value investments, remember that every square foot in Mumbai comes with its price tag—even the ones reserved for your car.
In a city where space is a luxury, even parking becomes a coveted asset.
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