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Old 23rd November 2012, 13:09   #46
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Default Re: Car Parking costs a whopping Crore in Mumbai

Yesterday I saw a news on CNN about Hong Kong being the most costliest place in Asia for parking. To arrest real estate bubble Hong Kong has taken steps to impose heavy taxes on stamp duties and such government fees for purchase of a property. However parking slots are not taxed. So investors have started purchasing parking slots instead of apartments !! Average cost for a parking slot is 2000$ per sq.ft thats approx Rs.110,000 !! and the size of the slot is 8 x 16 ft so basically it costs 128sq.ft * Rs.110000 = Rs.14080000 thats almost 1.4 crores.

So Mumbai is not far behind in terms of cost but still prices on par with those in Hong Kong is something to wonder about. Some years down the line Mumbai may very well become the most expensive parking place to own in Asia.

The same program also mentioned New York is the most expensive place to own a parking, followed by Paris and Hong Kong.
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Old 23rd November 2012, 18:44   #47
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Default Re: Car Parking costs a whopping Crore in Mumbai

[/quote][/quote][quote=Urban_Nomad;2966848]Glad to see so many Real Estate "Bulls" on the forum. Some excellent points made as well.

Hope we are not digressing too much.

Let me ask you this. Is your income or the income of the folks around you doubling every year? I am no economist and I am not even going to pretend like have a profound understanding of the subject. I do however fail to understand how property prices will continue to rise without a similar increment in the population's (avg.) earnings.

And no; I do not buy the argument that black money alone will be the "saviour". If that were the case and property prices are not affected by the general macro economic scene in the country; why was there a dip in prices around 2008 - 09? Was black money not there? Salaries stagnated; people took pay cuts or worse.... were out of a job. IT / ITeS and financial sectors were badly hit. Whatever the drop (20% or whatever; can be argued); why did it happen?

Let us also remember what did it all start with - The Lehman Bros. fiasco. Now what could a company located thousands of miles away possibly affect the Indian way of life; correct?

Now look at the current scenario. Greece, Spain, the EU in general; whats your take on their situation today? I work for an HR firm (US based) and can tell you that the situation is the US is far from rosy (American Airlines for example).

And no; I am not predicting or favoring this doomsday (I am one of those dependant on USA for kharcha paani) and I am not typing this with dreams of a huge villa in my eyes. I am a bit scared. I actually hope that this continues - people are buying and selling and the economy overall is in great shape.

Bulls eye I have seen this happen since 1994 and previous to that between 79 and 91....something I have experienced whilst investing in Property. Unsure about the all round confidence in property I see (herds often get it wrong ). I have bought property in 2000 to 2003 at half of 1994 rates and everyone around me (mostly brokers/builders/investors..etc) at that time said you will not get at half...I did and in 2010 the same folks agreed the rates were half in 2000 and that it was a known fact...collective amnesia?

My take THEY WILL GO down considerably...its all about patience...an the area iI invested in was BANDRA!!.

Last edited by canonball : 23rd November 2012 at 18:49.
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Old 25th November 2012, 18:54   #48
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Default Re: Car Parking costs a whopping Crore in Mumbai

^^ that is an excellent example; thank you for sharing. It is a proof that "prime properties" never decline is nothing but a myth.

Given the success real estate has seen in the last few years; it is now touted to be indestructible. All investment options are cyclic; and right now we are at the very peak of it. IMO; (and as you mentioned too) this is the time to wait and watch.
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Old 26th November 2012, 15:55   #49
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Default Re: Car Parking costs a whopping Crore in Mumbai

The latest Knight Frank report in the papers recently was at best hilarious ..they are touting between 23 & 37% and in some areas doubling of values within a year to 3 years max. I think with such outlooks and no real fundamentals to back, India runs a very high risk of a property bust lasting much much longer thane 1991 to 2005. The rate at which more good money is being thrown to bad money will only create an elongated bust where prices will go down very slowly and much lower than before (read more than 50%)..imagine 1935 to 1979...if anyone has really read/studied global economic history. The collective is currently trying milk and or run the real estate market into the GROUND for sustained period (I AM NOT SAYING PROPERTY AS A CLASS IS GONE TO THE DOGS!)but will not be a SELLERS market for a long time to come. Anyone buying property today stands a very high chance of their money being stuck for longer than ever before. Watch this space.
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Old 31st May 2013, 16:17   #50
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Default Re: Car Parking costs a whopping Crore in Mumbai

Sorry for bumping an old thread. This is certainly a sad state. These days cars have become an utmost necessity and demanding such exorbitant figures for parking is definitely one of the best businesses out there right now. As mentioned earlier in this thread and after reading elsewhere in the net, I got to understand that parking lots aren't to be charged extra in apartments. Even after so many laws, this still keeps happening. I came to know about this law just recently but we have already paid our builder, Heera Group (Trivandrum) the amount for the parking lots. So can I demand a refund? Or what is it that can be done? I can't imagine the figures these builders are milking out just by selling these parking lots!
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Old 31st May 2013, 18:49   #51
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Default Re: Car Parking costs a whopping Crore in Mumbai

Quote:
Originally Posted by freakmuzik View Post
Sorry for bumping an old thread. This is certainly a sad state. These days cars have become an utmost necessity and demanding such exorbitant figures for parking is definitely one of the best businesses out there right now. As mentioned earlier in this thread and after reading elsewhere in the net, I got to understand that parking lots aren't to be charged extra in apartments. Even after so many laws, this still keeps happening. I came to know about this law just recentlyy but we have already paid our builder, Heera Group (Trivandrum) the amount for the parking lots. So can I demand a refund? Or what is it that can be done? I can't imagine the figures these builders are milking out just by selling these parking lots!
As per the law every builder needs to provide a certain amount of free (open) parking based on his FSI. Now if the builder builds and sells covered parking/developed parking, he can legally sell the same, since he is not selling empty land with painted boundaries.

If you buy a covered garage or stilt parking lot, it is legal and comes with a seperate agreement, which is sanctified by law. A builder cannot sell open parking lots, however once a society is formed they can decide mutually to auction those plots for yearly lease or rent.
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Old 3rd June 2013, 08:45   #52
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Question Re: Car Parking costs a whopping Crore in Mumbai

Guys,

A querry. I have a parking slot in my building and our society is in the process of getting the conveyance which will be done in next 3-4 weeks. The society managing committe claims that once the conveyance is done, the parking losts will be owned by Society and will have a total say in allotment of the parking slots. Does this mean that people who bought the flat with parking will have to let go of their slot and be at the mercy of lottery system? Or does the scoiety have no say in the already alloted slots but will decide on the vacant or open parking slots for which it will conduct lottery?

Mod: Sorry if this post does not belong here, pls move to appropriate thread if availlable.
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Old 12th September 2014, 14:34   #53
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Wink Re: Car Parking costs a whopping Crore in Mumbai

Mods: Didnt know which thread in International Automatiove scene section the post belongs to, hence posting it here. Pls move it accordingly.

What can $1mn buy in New York downtown Manhattan? To start with approximately 150 sqft of car parking. 10 such parking spaces in an uptown complex is for sale for a eye popping $1mn. These parking spaces are not being sold but will be leased for 99 yrs and can be transferred. For a locality which is known for being upmarket, the space obviously comes at a premium. Almost at a cost of a penthouse in other parts of the country.

http://www.nytimes.com/2014/09/10/re...spot.html?_r=0

http://www.abs-cbnnews.com/business/...-you-1-million
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