When we book an under-construction property from builder, developer or land’s owner. The parking description mentions in sale agreement. The parking descriptions are:

• Type of Parking: Open or covered
• Number of parking
• Level of parking: Slit or basement

Once the property is ready for possession, the developer issue an allotment letter. The allotment letter consists of parking description including parking number

In most cases, when we buy a new property from builder or developer. The sale deed consists of number of parking, type of parking (covered or open) and level of parking. (Parking number may not mention in sale deed).

Refer to below sale deed which we bought from BRIGADE Property in 2010, we highlighted the parking details in below image

In 2023, when we re-sell the above property, we included parking number and other description of parking. Refer to below image

The government guidance value for covered parking is Rs.2.5 lakhs per parking. Refer to guidance value in below image

In most sale deed, parking cost included in buying price. If you buy a flat more than guidance value, adding a parking may not increase stamp duty. If you buy a flat less than guidance value, adding a parking may increase the stamp duty

We strongly recommend you to add Parking in sale deed because it increases the valuation when you resell or avail loan from bank

Thank you for reading…