Logistics

Parking rates, an Indian perk

Preeti Mehra New Delhi | Updated on August 11, 2011

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Next time you have to pull out a twenty rupee note to park your car during working hours, don't grumble. You are paying the lowest daily charges in the world if you take a look at Colliers International's recent survey on parking rates worldwide.

On a monthly basis too Indians pay the least for parking facilities in the major metros. Though in the survey, where local currencies have been converted to the US $, the rates have not been adjusted to purchasing power parity, it is still significant that on a monthly basis parking costs over five times more in Beijing and Mexico City. It is over 25 times more in Hong Kong, and around 20 times more in New York when compared to our cities.

London, most expensive

Of course, the most expensive place in the world to park a vehicle is London city where monthly charges are at $ 1,084, followed by its West End sub markets at $1,014. However, if daily parking rates have to be taken into account Oslo, Copenhagen, and Melbourne beat London and Tokyo. Amsterdam, known for its aggressive and incentivised strategies to promote cycling and public transport among the population, is in the top 10 list of expensive parking at around $ 58 daily and $ 587 on a monthly basis.

The most surprising outcome of the survey is that one of the world's most expensive and hottest property markets – Mumbai – has one of the lowest parking charges. And this is despite there being a large deficit in parking spaces in the financial capital of the country.

According to a recent estimate the whole of Mumbai has around two million cars, while parking slots in the city including the airport, the state road transport parking and the corporation parking would be around 30,000.

Delhi too, though spread out, has tremendous parking woes. While parking queues are a common site in markets such as Connaught Place and Khan Market, multi-level parking is been planned to ease the congestion.

A ‘park and fly' facility has also started at the new international airport that offers passengers parking till their return when they fly out of the Terminal 3.

Another parking problem faced in India pertains to residential parking. Though this is free, with more and more people acquiring vehicles most established colonies are chock-a-block full with cars parked on both sides of the narrow colony lanes, proving a serious safety hazard.

Colliers International's survey has covered 156 central business districts across the globe both for monthly and daily parking rates.

Published on August 11, 2011

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