The price of a car park in India

We came across an article on The Times of India this week about the price of purchasing a car park in Mumbai. An interesting comparison to some of the prices we’ve recently quoted for Australian car parks (peaking in Bondi at AU $240,000).

According to the Times of India, developers are charging rates ranging from Rs 7 lakh (AUD $12,250) to Rs 40 lakh (just under AUD $70,000) for parking spaces in some of the high-end residential complexes in Mumbai.

And it is not just the new highrises that are demanding these rates, even older buildings like Samudra Mahal in Worli command Rs 80 lakh (AUD $140,000) to Rs 1 crore (AUD $175,000) for a closed parking garage.

All this compared to the cost of a house in a distant suburb of Mumbai for around 30 lakh (AUD $55,000) of a decade ago.

Developers point out that many buildings in south Mumbai simply don’t have space for garages. However, it’s clear that India has experienced an explosion in both the number of people and cars in the subcontinent, which is driving prices through the roof.

(And just in case anyone is wondering, the ‘lakh’ and ‘crore’ are Asian number measurements. One lakh is equal to 100,000 units, and one crore is 10 million units).

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