How to sell Parking space

If you are wondering can flat owner sell parking space, then you should read this. Selling a parking space in India can be a straightforward process, but it's crucial to understand the legal regulations and procedures involved. 

Can Builder Sell Parking Space?

Here's a comprehensive guide on how to sell a parking space in India:

1. Eligibility to Sell Parking Space:

The legality of selling a parking space in India depends on the type of parking space and the applicable regulations. If you want to know can I sell my parking space, you should know these legalities.

• Open Parking Space: According to the Ministry of Housing and Urban Poverty Alleviation, open parking spaces are considered common areas and cannot be sold as separate units.

• Stilt Parking Space: Stilt parking spaces, which are elevated parking structures, may be sold under certain conditions. Check with your local authorities for specific guidelines.

• Allocated Parking Space: If you own an apartment with an allocated parking space, you may be able to sell it separately. However, you should consult with your apartment society's bylaws and obtain the necessary approvals.

1. Gather Documents: Collect all relevant documents related to the parking space, such as the property registration documents, allotment letter, and society's approval (if applicable).

2. Determine Market Value: Assess the market value of the parking space by considering factors like location, size, and demand in the area.

3. Advertise the Property: Use an online platform like NoBroker to post a free ad for your property.

4. Society Transfer Approval: If applicable, obtain approval from the apartment society for the transfer of parking space ownership.

Remember, the specific procedures and documentation requirements to sell your parking space may vary depending on the state and local regulations. That is why I advise you to consult with a legal professional to ensure compliance with the applicable laws and protect your interests.

Hi,

As far as I know, open parking spaces are regarded as common areas under the Real Estate (Regulation and Development Act), (RERA) 2016, which was passed. So, you cannot sell a parking space or at least it is illegal to do so. It is unlawful for the developer or builder or anyone to charge for this place. The Supreme Court ruled in 2010 that developers had no right to sell apartment owners' parking, including garages or stilt parking.

I hope this helps you.