Parking rates in the Capital are shockingly low and should be 60 times more than the current charges, international experts feel.
Paul Barter, a global parking expert formerly associated with the National University Singapore (NUS), feels Delhiites should be paying at least Rs. 60 per hour to park their vehicles.
In contrast, the three municipal corporations charge Rs. 10 for 10 hours and Rs. 20 for 24 hours.
Barter said parking is a luxury in India and subsidising luxury is not only stupid, but also criminal. He was speaking on the sidelines of an orientation workshop on parking policy, jointly organised by the Centre for Science and Environment (CSE) and Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ). The GIZ is an international enterprise owned by the German government.
“I used my parking cost spreadsheet to make an estimate using assumptions like a modest 10% internal rate of return after 15 years, land price of Rs. 100,000 per sq. m, and five-storey building with construction cost per ECS of $6,500 (Rs 4,33,000).”
“The result shows the rate needs to be about Rs. 60 per hour though the ball park figure is between R30-60,” Barter told HT.
Anumita Roychowdhury, executive director for research and advocacy, CSE, said users need to pay for the parking services. “Say a multi-level parking lot is constructed for Rs. 80 crore. To recover that, Rs. 40-50 per hour is required. Add to it land value and opportunity cost, it becomes Rs. 60 per hour,” she said.
The experts said community management of residential parking spaces is the way forward.
“The idea should be community management: your problem, you do it. Empowering residents will do wonders and people will take ownership and the management will be much more effective,” Barter said.
Echoing his views, Roychowdhury said RWAs should be given responsible to monitor parking space inside the societies.