Mumbai real estate market: Should you buy a redeveloped apartment without parking? Here’s what homebuyers should know
As redevelopment gains pace across Mumbai, some developers on small land parcels are offering apartments without dedicated parking. Experts note this is not necessarily a shortfall, as the Mumbai Civic Body often relaxes parking requirements for redevelopment on smaller plots. However, they advise buyers to consider apartments with parking, even if they do not currently own a vehicle. A parking space can be valuable for future personal use or resale, as many potential buyers consider it a key requirement, and its absence could affect the property’s sale in future.
How is parking space calculated?
In Mumbai, small plots typically don’t have specific parking rules; however, requirements vary based on the size and number of flats. Typically, one parking space is needed for every four small flats, every two medium flats, and one for each large flat, with an additional 10% for visitors. However, municipal regulations may limit the total number of parking spaces, making it challenging to provide full parking in all cases.
“Regulations set parking requirements based on the size of each flat, but the total number of parking spaces in a building may not be sufficient for each flat. In simple words, the regulation allows fewer parking spots, especially on smaller plots where space is limited. In larger or prime-location projects, however, developers compete to maximise parking provision to meet market demand,” said Vilas Nagalkar, an architect and a member of the Practising Engineers, Architects and Town Planners Association (PEATA).
Should homebuyers opt for apartments without parking spaces?
There are several buildings in the Mumbai real estate market where developers are selling apartments without a parking space in the primary market.
“The reason some apartments are sold without parking is simply due to space constraints,” a developer involved in redevelopment told HT.com.
“For instance, a 450 sq m plot with a two-storey building housing six homeowners might be redeveloped into a building with say 14 to 20 flats. But even after redevelopment, the site may only accommodate parking for 10 to 12 cars. In such cases, the remaining apartments have to be sold without parking. However, this does not mean there is any violation of any rule here,” the developer said.
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“Mumbai faces land constraints, and it may not be possible to provide car parking in buildings constructed on a smaller plot. There’s no hidden catch; the developer clearly communicates from the outset that parking won’t be available,” the developer said.
According to real estate consultants, purchasing an apartment with or without parking is a personal choice, depending on person to person.
“In my opinion, even if you don’t own a vehicle, it’s wise to buy an apartment that comes with a parking space and hold on to it. In many buildings, owners rent out their parking spots to others who don’t have one. Remember, you may not have a car today, but you might want one later, or when you decide to sell, potential homebuyers often look for homes with parking. Not having one can become a dealbreaker,” said Piyush Joshi, a real estate consultant from Mumbai’s Borivali.
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Are apartments without car parking cheaper?
Apartments in buildings constructed on smaller plots, without dedicated parking spaces, are typically available at a 10–15% lower price than comparable units with parking, developers and consultants told HT.com
Redevelopment race
According to a recent Knight Frank India report, as many as 44,277 apartments worth ₹1.30 lakh crore are expected to enter Mumbai’s real estate market through the redevelopment segment by 2030. The free-sale component from society redevelopments is projected to generate around ₹7,830 crore in stamp duty and ₹6,525 crore in Goods and Services Tax (GST).
The report stated that the Borivali, Andheri, and Bandra micro-markets emerged as the top three redevelopment hotspots, collectively contributing over 139 acres of activity. By contrast, Central and South Mumbai recorded just 43 redevelopment agreements, underscoring the challenges of fragmented ownership, legacy tenancies, and higher entry costs.
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According to the report, a total of 910 housing societies have signed development agreements (DAs) since 2020, unlocking nearly 326.8 acres (1.32 million sq m) of potential land area within the Mumbai limits, based on Floor Space Index (FSI) utilisation norms and average unit sizes across the regions.
