Lack of parking facilities depreciate real-estate assets in Bengaluru. This issue prominently affects property values and rentals across prime areas.​

Property Value Drops

Rental and capital values for apartments without parking spaces fell by 15-20 percent in Bengaluru. A 2BHK with parking commanded Rs 40,000 monthly rent, compared to Rs 18,000-22,000 without it. Properties priced at Rs 1 crore adjusted to Rs 70-80 lakh due to missing parking.​

Impact on Prime Areas

Houses built in the early or mid-2000s in congested spots like Indiranagar, Koramangala, and Whitefield IT corridor lacked garages, forcing street parking. Luxury 2BHK apartments in Indiranagar’s Defence Colony, initially Rs 2 crore, struggled to sell even at Rs 1.4 crore without parking. Commercial encroachments and roadside parking blocked resident access in these zones.​

Resident Challenges

Frequent altercations arose from street parking disputes, as seen in Koramangala notes left on cars urging owners not to park. Millennials’ rising car ownership doubled queries for apartments with dedicated spots, leading to lotteries for prime parking in gated societies. Residents rented nearby open spaces for Rs 5,000-10,000 monthly as alternatives.​

Policy Shortfalls

Karnataka’s Urban Development Department approved a parking policy requiring annual permissions at Rs 1,000 for small cars and Rs 4,000 for SUVs. However, poor enforcement and awareness worsened the crisis amid Bengaluru’s real-estate boom. Demand soared for gated societies with parking, while older buildings saw declining rentals.​

Source: Times Property

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