Mumbai: Car parking space sold for Rs 25 lakh in Cuffe Parade

It’s not just flats that are getting costlier by the day in Mumbai. According to a report, now parking spaces in Mumbai are being sold at a whopping Rs 25 lakh! The recent trend is a result of lack of parking spaces in the city, which has led many residents to shell out lakhs for the same.

According to a report by squarefeatindia.com, a parking space measuring 13.6 sq mts (146 sq ft) in South Mumbai's Cuffe Parade was sold for Rs 25 lakh. Yashika Rohiira, of Karma Realtors told the website that finding a car park, that too a covered car park, in Mumbai buildings is difficult. So, whenever a garage or a covered parking space becomes available, residents do not hesitate to pay a a premium charge for such spaces.

Mumbaikars face the worst traffic in the country and are continuously on the look out for a parking spot on the overcrowded streets of the city. The recent Cuffe Parade deal has brought to the fore the importance of covered parking, the report states.

Meanwhile, Housing sales in top eight cities of the country dropped by 54 per cent in the first hald of 2020, due to COVID-19 pandemic, according to Knight Frank India report released on Thursday.

In its flagship report, India Real Estate: H1 2020, Knight Frank India said that housing sales fell 27 per cent in January-March to 49,905 units across eight major cities -- Delhi-NCR, Mumbai, Kolkata, Chennai, Bengaluru, Pune, Hyderabad and Ahmedabad.

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