??|?? November 12, 2012 ?? 08:13am ??|
MUMBAI: If a decade ago, Rs 30 lakh was good enough to buy a one BHK in a distant suburb or even two SUVs, today it may be barely enough to acquire a parking space. Developers are charging exorbitant rates-from Rs 7 lakh to Rs 40 lakh-for car parks in some of the high-end residential complexes in Mumbai.
It is not just the new highrises dotting the city landscape from Nepean Sea Road to Wadala that are demanding high rates, even older buildings like Samudra Mahal in Worli command Rs 80 lakh to Rs 1 crore for a closed parking garage. Earlier, these parking spaces would be available for between Rs 5 lakh and Rs 15 lakh.
Developers and experts point to the lack of space. ?Space crunch is one of the main reasons that costs are high, especially in south Mumbai where majority of the buildings do not have a car parking space,? says Nikhil Bhatia, western region head of property consultants CBRE.
?I am not surprised. Under the newly approved Maharashtra Ownership of Flats Act, we are permitted to sell parking spaces. Depending on the location and the kind of project we are developing, we incur costs to build these car spaces and then install machinery and state-of-the-art elevators for the residents, who want a certain quality product. Developers naturally will recover the cost from flat buyers,? said Pujit Agarwal, managing director of Orbit Corporation.
Orbit Corporation is quoting Rs 40 lakh for a parking slot in its residential projects at Nepean Sea Road, while a short distance away, Rohan Lifescapes is quoting around Rs 30 lakh in its luxury ?Ashiana? building. In central Mumbai, Indiabulls is believed to be charging around Rs 12 lakh for a car park slot in ?Sky Forest?, while Lodha Group is quoting a tad lower at approximately Rs 7 lakh in New Cuffe Parade, a residential complex at Wadala.
In 2010, a Supreme Court ruling had disallowed developers from selling parking areas as independent units and said these were ?common areas and facilities?. ?If a promoter does not fully disclose the common areas and facilities, he does so at his own peril,? the court had said. ?Stilt parking spaces will not cease to be part of common areas and facilities merely because the promoter has not described the same as such in the advertisement and agreement with the flat purchaser. The promoter has no right to sell any portion of such building which is not a ?flat? within the meaning of Section 2(A-1) and the entire land and building have to be conveyed to the organization. The only right that remains with the promoter is to sell unsold flats,? the apex court had ruled.
But city developers have given scant regard to the ruling and flat owners are charged twice for buying the parking space. ?In most of the top metro cities where transactions generally take into account the super built-up area (total area of land where the project spread divided by the total number of flats), the parking area is also divided and added to it,? said a property consultant. This means that the developer has charged flat buyers for the parking space even before possession. Despite having charged for the total land, the developer then sells parking slots at exorbitant rates. Moreover, even when developers take extra money and sell the parking space to the buyer, they take utmost care not to mention it in the agreement as it is illegal and can be challenged in court.
Given that selling parking spaces is a lucrative source of additional revenue for developers, they are trying hard not to forgo it. So, they have come up with innovative ways. ?If developers are restricted from selling slots directly, they find ways to apportion the cost, say, by increasing the charge for the super built-up area or by raising the overall per square foot rate. In other words, property buyers will continue to pay for parking either directly or indirectly,? said the consultant.
Bldrs ignore SC ruling regarding parking sale
Rates for parking spaces in the city have becoming exorbitant. Developers have justified the steep hike. ?I am not surprised. Under the newly approved Maharashtra Ownership of Flats Act, we are permitted to sell parking spaces. Depending on the location and the kind of project we are developing, we incur costs to build these car spaces and then install machinery and state-of-the-art elevators for the residents, who want a certain quality product. Developers naturally will recover the cost from flat buyers,? said Pujit Agarwal, managing director of Orbit Corporation.
Orbit Corporation is quoting Rs 40 lakh for a parking slot in its residential projects at Nepean Sea Road, while a short distance away, Rohan Lifescapes is quoting around Rs 30 lakh in its luxury ?Ashiana? building. In central Mumbai, Indiabulls is believed to be charging around Rs 12 lakh for a car park slot in ?Sky Forest?, while Lodha Group is quoting a tad lower at approximately Rs 7 lakh in New Cuffe Parade, a residential complex at Wadala.
In 2010, a Supreme Court ruling had disallowed developers from selling parking areas as independent units and said these were ?common areas and facilities?. ?If a promoter does not fully disclose the common areas and facilities, he does so at his own peril,? the court had said. ?Stilt parking spaces will not cease to be part of common areas and facilities merely because the promoter has not described the same as such in the advertisement and agreement with the flat purchaser. The promoter has no right to sell any portion of such building which is not a ?flat? within the meaning of Section 2(A-1) and the entire land and building have to be conveyed to the organization. The only right that remains with the promoter is to sell unsold flats,? the apex court had ruled.
But city developers have given scant regard to the ruling and flat owners are charged twice for buying the parking space. ?In most of the top metro cities where transactions generally take into account the super built-up area (total area of land where the project spread divided by the total number of flats), the parking area is also divided and added to it,? said a property consultant. This means that the developer has charged flat buyers for the parking space even before possession. Despite having charged for the total land, the developer then sells parking slots at exorbitant rates.
Given that selling parking spaces is a lucrative source of additional revenue for developers, they are trying hard not to forgo it. So, they have come up with innovative ways. ?If developers are restricted from selling slots directly, they find ways to apportion the cost, say, by increasing the charge for the super built-up area or by raising the overall per square foot rate. In other words, property buyers will continue to pay for parking either directly or indirectly,? said the consultant.
http://timesofindia.indiatimes.com/city/mumbai/Rs-1-cr-for-a-flat-Sorry-youll-only-get-a-slot-for-your-car/articleshow/17187729.cms
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