Will Rs 50 lakhs be enough to buy a property in Mumbai, the country’s financial capital? Mumbai is known for its real estate being among the most expensive in the country, so can Rs 50 lakhs even get a small flat here? The answer to this might surprise you. Let’s see what Rs 50 lakhs can actually get you in Mumbai.
In some of Mumbai’s high-demand areas, Rs 50 lakhs is enough to buy a parking space. However, the price might vary depending on the location and the developer. There are numerous luxury projects in the Mumbai real estate market, and the price of a parking space can range from Rs 25 lakhs to Rs 60 lakhs. In the upscale area of Worli Sea Face in South Mumbai, where luxurious projects are being built, a 6,000 square foot 5BHK apartment costs over Rs 125 crores.
For this apartment, you can get up to six parking spaces, each priced at Rs 50 lakhs. Developers typically do not sell car parking spaces separately but include them in the overall price of the flat. A 5,000 square foot apartment costing Rs 100 crores would typically come with four parking spaces. In some premium office projects, parking spaces can be priced between Rs 20 lakhs and Rs 30 lakhs.
According to Maharashtra RERA regulations, developers are not allowed to sell or allocate open parking spaces. However, for covered parking spaces, developers can charge buyers a specific amount.
