As heavy rains battered Mumbai, netizens took to social media with tongue-in-cheek posts saying that builders charging ₹8–10 crore for luxury flats should also provide ‘boat parking.’
One post by HowHumans on X (formerly Twitter) quipped: “Builders charging 8–10 crores for flats in Mumbai should also provide Boat Parking these days.” Real estate experts, however, noted that such a facility could cost upwards of ₹50 lakh.
Several users on X also posted about water logging outside Oberoi Mall in Goregaon East area of Mumbai. The price of apartments in the vicinity is in the range of ₹7 crore to ₹10 crore.
According to real estate experts, the price of parking in the Mumbai real estate market varies from ₹5 lakh to even ₹50 lakh or upwards in several luxury apartments projects.
“Parking prices vary by locality and size. Typically, apartments priced at ₹5 crore and above come with two parking spots, as buyers in this segment are likely to own at least two cars,” said Vikram Shah, a real estate consultant from Mumbai’s western suburbs.
{{/usCountry}}“Parking prices vary by locality and size. Typically, apartments priced at ₹5 crore and above come with two parking spots, as buyers in this segment are likely to own at least two cars,” said Vikram Shah, a real estate consultant from Mumbai’s western suburbs.
{{/usCountry}}“Several luxury projects in Mumbai sell parking spaces for ₹50 lakh and upwards. So, as odd as it may sound, one could end up spending that much to park a boat in the lot of a Worli luxury apartment,” said a real estate consultant who did not wish to be named.
Mumbai has been lashed by incessant rain over the past four days, with the city receiving approximately 791 millimetres (mm) of rainfall in the last four days. In less than a week, Mumbai has surpassed the monthly average quota of rainfall for August, which typically stands at 566 mm, according to a report of Indian Express. The city's Santacruz Station recorded 798 mm rain in the entire month of July this year, and in the past four days, the city has received 791 mm, the report said.
The Indian Meteorological Department (IMD) issued a red alert for Mumbai, warning of continued “extremely heavy” rains in the last four days. Further, roads across several low-lying areas across Dadar, Chembur, Matunga, Goregaon, Andheri, Kurla, Wadala, Byculla, and Oberoi Mall in Goregaon, typically seen as upscale, were waterlogged, causing widespread commuting chaos, flight disruptions.
₹1 crore can probably get you a bathroom or parking in South Mumbai
In another interesting insight shared by CRE Matrix, which examined property transactions in 60 micro markets of Mumbai during 2024, a budget of ₹1 crore would secure just 73 square feet of residential space in Malabar Hill, South Mumbai.
Also Read: Mumbai rains: Here’s how waterlogging impacts the financial capital's real estate market
The same amount would buy 124 square feet in Bandra, while it would cover 278 square feet in Andheri. Moving further north, ₹1 crore could get around 380 square feet in Borivali and over 680 square feet in Dharavi, an area also known as Asia’s largest slum cluster.