In Mumbai, parking spaces pricier than cars

SPACE JAM: With Mumbai bursting at the seams, builders are laughing all the way to the bank.

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Keywords: Traffic, Car Parking

Mumbai: While there is hardly any space in Mumbai for you to enjoy a long drive, the space war has now entered residential buildings and builders are laughing all the way to the bank.

With the city facing an acute shortage of parking space, the parking fee is skyrocketing.

In fact, so critical is the situation that in some areas, the fee is almost equal to the price of a luxury car.

Sample this: In Malabar Hill, Altamount Road Valkeshwar and Cuffe Parade, one needs to shell out Rs 25 lakh to be able to park a car. In business hub Nariman Point, the price of covered parking is Rs 6 lakh while for open parking it's Rs 5 lakh.

It’s a similar story even in the outskirts - the cost of parking in a premium building in Bandra-Khar area is a whopping Rs 15 lakh.

The builders say buying parking spaces is a good investment.

“You can buy and trade in parking spaces. It’s a lucrative business. You can buy it for Rs 5 lakh and sell it for Rs 15 to Rs 20 lakh later,” says Director, Orbit Group, Vijay Agrawal.

New projects are also laying more emphasis on parking spaces. For instance, the upcoming Orbit Heights in Tardeo has quoted Rs 8 lakh as their parking space.