New parking slot cannot be sold

2) you can invite application from members for allotment of car parking slot for period of 10 years or so with refundable security deposit of say Rs 10 lakhs or so

3) allotment can be by drawing of lots

Since this newly constructed car park forms a part of the undivided share of land already registered in the name of the apartment buyers, this cannot be sold to one particular individual.

The space for common amminities cannot be sold to perticular residents..

You can execute lease deed for lease of car parking slot after resolution is passed in AGM

In a car parking dispute about parking cars in the common area Delhi high court observed thus:

The court observed that the common areas of the society were meant for use by all members of the society and could not be appropriated, even temporarily, by any person for the purpose of parking their additional vehicles. The court also observed that circulation space including pathways in the society had to be kept free and vacant at all times for security reasons and to ensure access to emergency vehicles including fire tenders, ambulances and police vehicles.

You have stated that that you have built a car parking space in the common area in which all the members have a right.

The common areas are the property of the society and the society is by and for the members.

Thus constructing a car parking in the common area is against the bye laws of the society and also an illegal structure and the local civic body has all authority to demolish the illegally constructed structure in the common area of the society/apartments complex.

However if it is constructed outside the common area, then the society may decide to lease out the property to the bidder at the rates fixed by the society through a resolution passed in a general meeting.

Instead of taking a refundable Security deposit Can This New Parking Space created out of the common space in the Undivided interest be leased out for a Lumpsum amount for a period of 20 years to the highest Bidder whoever offers an amount more than a set Base Price say Rs.7.2 Lacs. (3000*12*20). If yes then can we pass this resolution in the AGM and the Managing Committee execute this Lease document?

Have you taken permission from the Municipal/corporation authorities to construe this car parking structure in the common area of the apartment complex?

If there is no permission sought then the municipal authorities may demolish the same.

Also if any member of the apartment owners obtains an injunction from a court of law, then you may not able to withstand the court pressure.

The so leased property may have to be vacated by an order of court.

Consult a local advocate before executing your fancy ideas.