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Pvt parking lot owners striking gold
Private parking lots are gaining ground in the city. People who have open space on main roads are monetising the asset by letting it out for parking. Owners say it is a win-win situation as the place is utilised and fears of encroachment are less, also the revenue is good.
Open spaces are let out to the corporate houses for vehicle parking purpose
Hyderabad: Private parking lots are gaining ground in the city. People who have open space on main roads are monetising the asset by letting it out for parking. Owners say it is a win-win situation as the place is utilised and fears of encroachment are less, also the revenue is good.
Seizing the opportunity, many owners are raking in the moolah by leasing out open plots to corporate houses or in the case of a private parking space at Police Lines close to Chicago Hotel, the owner lets people park here and charges Rs 30 for a four-wheeler and Rs 10 for a two-wheeler for an hour. A nearby corporate house pays Rs 15,000 per month for 12 cars to be parked at the place.
Hyderabad’s vehicle population is more than 50 lakh of which cars constitute close to 9 lakh. Transport officials say that the road space is just not enough and falls below the requirement of 20 per cent of its geographical spread. The metro rail works and civic works add to the congestion.
With close to 800 new vehicles getting added to the city every day, parking jams are as common as traffic jams.“People are ready to pay any amount as they feel it is better than getting caught by the traffic police,” says Ali a watchman at a shopping complex in Abids. Many coffee houses in the city set up shop only after making sure that they have parking space close by. Two private parking lots have come up in Banjara Hills Road No 12 close to a coffee shop and a juice outlet.In residential colonies, fights are no longer for water but for parking space.
Raghuveeran, a resident of Alwal says, “There are at least two to three fights every week in our colony for parking space. At nights, one can see a stream of cars parked on both sides of the road and when the milk vans start making the rounds in the wee hours of the morning, fights begin.”A transport official said that the situation is only going to worsen as the number of cars will only increase with the growing incomes and easy availability of loans.
By T P Venu
