Not all apartments in the Erode city have car parking space. And, in several instances, the space provided at the basement for car parking is simply not sufficient.
But then, there is a section of car owning middle class people that prefer apartments in view of the security as also location in the heart of the city.
There seems to be a solution to them. Exclusive car parking sheds have come up at localities in and around NGGO Colony, Moolapalayam, and Thindal.
Vacant plots in the midst of the residential localities are converted into car sheds by people with entrepreneurial instinct.
Returns
The owners of the car sheds take the large-sized vacant plots on rent and make some investments in the form of compound wall, concrete flooring and tensile structures for covered parking.
The investment that does not exceed a few lakhs of rupees is seemingly generating desired returns.
Parking slots are allotted for each car for a monthly rent ranging from Rs. 1,000 to Rs. 1,500.
A parking shed easily generates a monthly revenue of Rs. 30,000 onwards.
The car owners do not generally hesitate to shell out the money considering the safety factor, according to the manager of one such shed at NGGO Colony.
Not only apartments, tenants in houses where there is parking space for just one car also depend on the car sheds.
Thanks to the demand, a few hotels in and around the Corporation Bus Stand also offer their space for car parking on monthly rental basis.
