Parking Crisis in Bengaluru Devalues Real Estate

 According to a report by Moneycontrol, the rental and capital values of apartments that lack parking spaces have dropped by 15-20 percent.

There are a number of reasons for this. First, parking is a major concern for residents of Bengaluru. The city is one of the most congested in India, and finding a parking spot can be a nightmare. This makes it difficult for people to own a car, which is a major disadvantage in a city like Bengaluru.

Second, the lack of parking spaces makes it difficult to sell or rent apartments. Buyers and renters are increasingly looking for apartments with parking spaces, and they are willing to pay a premium for them. Apartments that lack parking spaces are therefore less attractive to buyers and renters, which drives down their value.

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Third, the lack of parking spaces is a safety hazard. When people park their cars on the streets, it can block traffic and make it difficult for emergency vehicles to get through. This can lead to accidents and other problems.

The government of Bengaluru is aware of the problem, and they have taken some steps to address it. However, more needs to be done to provide adequate parking spaces in the city. This will help to improve the value of real estate assets in Bengaluru and make the city more livable.

Here are some of the steps that the government of Bengaluru can take to address the problem of lack of parking facilities:

• Build more parking garages and surface parking lots.
• Expand the use of public transportation.
• Encourage carpooling and ride-sharing.
• Implement stricter parking regulations.

By taking these steps, the government can help to improve the parking situation in Bengaluru and make the city more livable for everyone.