Now, Parking Spaces can be sold by the builders

Now, Parking Spaces can be sold by the builders

In order to keep a check on the black money flowing into construction projects, Maharashtra has allowed developers to officially sell parking spaces. The new draft housing regulatory rules will not only protect the interest of flat buyers but will also bring in greater transparency into the real estate sector.

In the city, builders are not authorised to sell parking space but unofficially charge anywhere between Rs. 2 lakh and Rs. 15 lakh for a single parking slot. The money is paid in cash. Even the Maharashtra Ownership Flats Act does not define parking space; neither does it allow its sale. The Supreme Court, in a well-known case, clarified that builders or promoters cannot sell parking areas as independent units.

The new Maharashtra Real Estate (Regulation and Development) Rules, 2016, added a new definition of parking spaces, garages and parking on stilts to be allowed on sale. Draft clearly states that sale of parking slots should be disclosed by the promoter in the sale agreement and should be in the public domain among other mandatory disclosures.