Lack of parking facilities depreciate real-estate assets in Bengaluru

The rental and capital values of apartments that lack parking spaces have dropped by 15-20 percent, brokers in Bengaluru said.

The rental and capital values of apartments that lack parking spaces have dropped by 15-20 percent, brokers in Bengaluru said.

Additionally, a lack of parking space by the local municipality body forces people to park in front of their houses, thus leading to frequent altercations.

Most of the houses built early or in the mid-2000s lack a garage. Hence, people park in front of their houses. While the rentals and demand for gated societies with dedicated parking spaces are soaring, he said rentals for buildings without parking facilities have already dropped.

While a 2BHK with a parking space in Bengaluru commands a rental of Rs 40,000 monthly, without parking facilities, it will be Rs 18,000-Rs 22,000. Apartments selling at Rs 1 crore are being priced at Rs 70-80 lakh for lack of parking space. For apartments that lack parking space, homebuyers look for renting out parking spaces in open areas, like fields nearby, for a rental of Rs 5,000 - Rs 10,000 every month

The commercial boom in the area has infringed on areas meant for residential purposes. "With several pubs and shops springing up, most party-goers or shoppers use the roadside for parking, thus blocking our residents' access. The narrow bylanes of the city are often encroached by illegal commercial buildings, and roadside parking leads to major impediments for residents, especially in prime areas.