[formel_eins]

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.

[canonball]

Originally Posted by Urban_Nomad

Glad to see so many Real Estate "Bulls" on the forum. Some excellent points made as well.

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. 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. It's all about patience. And the area I invested in was BANDRA!

[Urban_Nomad]

^^ 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.

[canonball]

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.

[freakmuzik]

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!

[apachelongbow]

Originally Posted by freakmuzik

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.

[ghodlur]

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.

[ghodlur]

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

[GTO]

It's not just the purchase of parking spots that is expensive, even using one in Mumbai is.

A sad uncovered junk of a parking lot in Mumbai now charges 70 bucks an hour. At the airport, I recently paid 300 bucks for an hour or so:


This is the place:

[PPS]

Originally Posted by GTO

It's not just the purchase of parking spots that is expensive, even using one in Mumbai is.

This has only happened in the past few months. All around South Mumbai especially in & around the Fort area you will spot lots of parking attendants wearing uniform now. Most in my office pay around 180-200 bucks to park their cars during office hours.

For several months in the last year & probably the year before that as well many areas in South Mumbai were free parking zones but some bogus parking attendants were happily minting money. Infact one such person near my office was even giving out fake receipts.

https://www.mid-day.com/articles/mum...zones/19936196

[caffeineAM]

I recently paid 50 rupees advance (rate per hour) to park on the street in Andheri West. I was away for close to 3 hrs, but the guy was nowhere to be seen when I returned. So it ended up costing just 50 for me. Guess this happens frequently.

[el lobo 6061]

Originally Posted by GTO

A sad uncovered junk of a parking lot in Mumbai now charges 70 bucks an hour.

Its Rs. 70 for 1st hour.

Park for 3 hour its only Rs. 85.

Originally Posted by GTO

At the airport, I recently paid 300 bucks for an hour or so:

That would be for Premium parking.

Link.

[riteshritesh]

Since the topic of parking and Airports is up, at Mumbai T2, is there a free pick up spot for passengers arriving and wanting to board a car immediately?
I normally come up to Departures and ask the driver to pick me up from there, but on last 2 occasions, he has been complaining that entry to single drivers at Departures is being questioned.