People’s lifestyles have evolved in metropolitan cities over the passing years. Almost all households now have at least one car in their homes. Most real estate developments have incorporated parking facilities into their building plans by leveraging the basement area. Thus the availability of parking spaces has enhanced the appeal of investing in residential and commercial properties. However, due to the unmanageable rate at which vehicles are acquired and used, there is also a need to develop additional parking facilities. As a result, vertical spaces must be utilised and multi-level parking facilities developed. Let’s go over multi-level parking as an emerging trend in more detail.
Growing Urbanisation and the Revenue Potential from Advanced Parking Systems
Growing urbanisation has created opportunities to upgrade the infrastructure of our communities. Parking is one such asset class from which urban planners and real estate developers can benefit. According to the International Parking Institute, car parks generate more than $20 billion in revenue yearly, which may surprise many people.
Even though millions of cars are sold in India each month, little attention has been paid to the growing demand for parking spaces. According to the Centre for Science and Environment (CSE), in India, a car is parked more than it is driven, hence the demand for multi-level parking spaces to accommodate greater urbanisation can help to make growth more sustainable while also having a multiplier effect on the economy.
Revenue-generating Opportunities for Residential Real Estate Properties
Real estate developers can take advantage of this opportunity to establish mixed-use complexes in urban areas that provide numerous benefits to all users. Allocating space for offices or stores can significantly increase the economic worth of these properties. This offers up a slew of new revenue-generating opportunities from stack parking systems. Furthermore, India’s metro cities will ultimately run out of horizontal development possibilities, forcing the development of a multi-level car parking system that can vertically accommodate car parks while allowing land to be utilised for other purposes.
Vehicle-Free Zone, A Growing Trend Resulting in Green Cities
The cost of these facilities is no longer a constraint, and private-sector funds can be used to build them in a public-private partnership model. Furthermore, vehicle-free zones are quickly gaining popularity, with cities all over the world putting them in place. It also greatly impacts the region’s tourist and business activity. The vehicle-free zone concept has been successfully implemented at Shimla’s Mall Road, Gangtok’s MG Road, Chandni Chowk, and Amritsar’s Golden Temple district. Nonetheless, the government’s proactive efforts to decongest cities and monetise prime real estate via a public-private partnership model are gaining traction with consumers, businesses, and visitors.
Multi-level parking not only maximises available space but also enables residents to use the facilities at any time of day. The majority of open areas in a project can be used for landscaping because the facility takes up less space. Furthermore, it eliminates the possibility of resident parking place disputes.
While such a multi-level facility has been planned for some metro stations and commercial locations, such as Sector 18 Noida, its feasibility in residential structures is currently being researched in many places. Such a parking lot is now available in only a few residential developments. The basement is used as a parking garage in the majority of current and proposed residential complexes. Furthermore, each car’s parking space is normally allotted in the basement to avoid any conflicts among the tenants.
Multi-level parking facilities are currently popular in the real estate asset sector. With the rising number of cars, numerous experts believe that vertical car parking facilities are advantageous in terms of both saving space and profit generation. You can profit as an investor in such developments by making the parking system pay. However, you must invest in reliable partners to ensure that construction work is done correctly.
In Conclusion:
India’s urbanisation has created opportunities to upgrade the infrastructure of our communities. Multi-level parking is one such asset class from which developers can benefit. Car parks generate more than $20 billion in revenue yearly, which may surprise many people. India’s metro cities will ultimately run out of horizontal development possibilities forcing the development of a multi-level car parking system. Multi-level parking not only maximizes available space but also enables residents to use facilities at any time of day.
