When purchasing a property in Delhi, one crucial aspect that often gets overlooked is parking space. In a city where vehicle numbers are soaring and parking spots are limited, having a designated place for your vehicle is not just a convenience—it’s a necessity. This article delves into why parking space is vital when buying property in Delhi, the legalities involved, and how it impacts property value. MagicBricks
The Growing Demand for Parking in Delhi
Delhi’s rapid urbanization has led to a significant increase in vehicle ownership. As of January 2022, the city had approximately 13.4 million registered vehicles, while public parking spaces could accommodate only about 50,000 cars. This stark contrast highlights the acute shortage of parking facilities, making it imperative for property buyers to consider parking availability seriously. pppinindia.gov.in
Legal Framework Surrounding Parking Spaces
Understanding the legal aspects of parking spaces can save property buyers from future disputes:
- RERA Guidelines: The Real Estate (Regulation and Development) Act (RERA) mandates that parking spaces cannot be sold or transferred separately from the property. They must be included in the property’s sale agreement as part of the common area. omaxe.com
- Supreme Court Ruling: The Supreme Court has ruled that open and stilt parking spaces are considered common areas and cannot be sold separately by developers. This ensures that such spaces are available for the common use of residents without extra charges. SOBHA Limited
- National Building Code: According to the National Building Code guidelines, one car parking space must not be less than 13.75 square meters. adda.io
Impact on Property Value
Properties with dedicated parking spaces often command higher prices. Studies have shown that homes with proper parking facilities can see an increase in value by 10% or more compared to similar properties without parking. This premium reflects the convenience and security that comes with having a designated parking spot. solerealty.in
Types of Parking Spaces
When exploring properties, it’s essential to understand the different types of parking arrangements:
- Open Parking: Uncovered spaces within the property premises.
- Stilt Parking: Partially covered spaces on the ground floor of a building, elevated on stilts.
- Covered Parking: Fully enclosed parking areas, often in basements or dedicated structures.
- Multi-Level Parking: Structures with multiple floors dedicated to parking, becoming increasingly popular in urban areas to address space constraints.
Key Considerations for Buyers
When assessing a property’s parking facilities, consider the following:
- Allocation and Ownership: Ensure that the parking space is clearly mentioned in the sale agreement and understand whether it’s allocated as part of the common area or assigned exclusively.
- Size and Accessibility: Verify that the parking space meets standard dimensions and is easily accessible without obstructions.
- Visitor Parking: Check if the property has provisions for visitor parking, as some regulations mandate that buildings must allocate a certain percentage of space for visitors.
- Security Measures: Look for features like surveillance cameras, gated access, and adequate lighting to ensure the safety of vehicles.
Potential Challenges
Being aware of common parking-related issues can help in making informed decisions:
- Unauthorized Parking: Instances where residents park more vehicles than allotted or use spaces not assigned to them.
- Additional Charges: While one designated parking spot is generally included with the residential unit, societies may charge extra for additional vehicles.
- Regulatory Changes: Stay updated with local regulations, as authorities may introduce new rules, such as requiring proof of parking space before purchasing a vehicle.
Conclusion
In Delhi’s congested urban landscape, parking space is more than just a convenience—it’s a valuable asset that enhances property value and ensures peace of mind. Prospective property buyers should prioritize understanding the legalities, assessing the quality of parking facilities, and considering future needs to make informed decisions.
By giving due importance to parking spaces, you’re not only securing a spot for your vehicle but also investing in a property feature that offers long-term benefits.