The transformation of existing infrastructure into smart cities cannot ignore the smart management of the parking systems. The cities with high population density (Metro cities inclusive) specifically face the problem of finding the nearest available parking space. The rising number of vehicles daily makes this problem more severe that questions the safety of vehicles as well. In this study, the issue of finding parking spaces in smart cities is addressed using an IoT-based methodology. The proposed Intelligent Parking System (IPS) consists of an IoT framework that collects real-time data, send it to the cloud, and thereby suggests to the user a suitable place for parking the vehicle at a nearby location. As a component of the framework, a mobile application has been developed that enables users to check the availability of nearby parking spots and subsequently reserve a parking place. This paper also describes different use-cases of a person for finding a parking space and parking it in right place. The proposed system has been implemented using Raspberry Pi, NodeMCU, Radio Frequency Identification (RFID), and Infrared (IR) sensors. The results discussed in the later sections support the usability of this IPS.