RERA- Understanding Parking
In 2018, a strange news became headlines. A parking space was sold for 5.6 Crores in Hong Kong. Sounds outrageous but its true. Buying a home or office now comes with added pressure to have your own appropriate parking in the project. No matter what the size of the unit, every home owner desires to park his car conveniently, preferably in a covered location. Understanding the regulation around parking is very essential to make the right purchase decision. This blog today is dedicated to understanding the regulation around parking and how can you make an informed decision as a buyer. Lets start by classifying the parking in three major categories:- 1) Parking that can be Sold by Developers:- As per the latest Circular 36/2021 by Maharera a developer is allowed to sell a covered car parking spaces and garages. Covered car parking space or garages are simply areas which can house cars in a space that is covered by three sides and a roof. An important fact to note is that multi...