Chennai: With one among 10 Indians already owning a motor vehicle, parking lots in the country could earn an estimated Rs5,500 crore annually by 2010.
According to an estimate by ‘Dare´, a magazine for enterpreneurs, parking lots in five big cities could fetch Rs3,281 crore while those in other cities Rs1,732 crore. Onsite advertisements in parking areas could collect a revenue of another Rs501 crore.
The figure was reached by calculating the existing parking spaces, including multi-storey parking lots and shopping malls, besides those likely to come up in the next three years.
“As per 2004 statistics, India had a vehicle population of 7.3 crore. As of 2007, the number of vehicles registered in India is around 10 crore. In other words, one in 10 Indians own a motor vehicle,” Dare quoted Dr T Elangovan of the National Transportation Planning and Research Centre (NATPAC), as saying in its forthcoming issue.
It is roughly estimated that out of 8,760 hours in an year, on an average a car runs for 400 hours or so, leaving the remaining 95 per cent of its time in parking, it said.
“In 24-hour parking locations, such as Chennai airport, the montly collection at the parking lot goes above Rs one crore, that too when collected manually. The collections could swell to nothing less than 50% if automated systems are installed,” said K Subramanian, director, Urbane Autopark India Pvt Ltd.
With one among 10 Indians already owning a motor vehicle, parking lots in the country could earn an estimated Rs 5,500 crore annually by 2010.