Updated On: 26 December, 2009 07:27 AM IST | | Varun Singh
After Gaurav Gagan ruling, buyers check out builder's credentials, building papers and hire property lawyers before investing in houses
After Gaurav Gagan ruling, buyers check out builder's credentials, building papers and hire property lawyers before investing in houses
For real estate broker, Vibhoo Mehra, it's becoming difficult to sell flats in upper floors of any building. Just recently, Mehra took his client to check out a seventh-floor flat in an under construction building in Pali Hill.
The client liked the flat, but insisted on checking the building's papers and meeting the builder before sealing the deal.
After the Bombay High Court ruled that the 17 upper floors of the Gaurav Gagan building in Kandivli were illegal and should be demolished, buyers are hesitating from investing in top floors, as these always bear the brunt when there is any irregularity.
"When action is taken against illegal structures, buyers become cautious. After the Gaurav Gagan controversy, buyers insist on checking building's documents.
![]() |
|
FLAT FEAR: Buyers refuse to book flats on the upper floors of high-rises if they are unsure of the structures' legal status. |
The saga dates back to 1992, when BMC had given permission for Gaurav Gagan to be a stilt plus seven storey building.
u00a0
Five years later, the BMC woke up to the fact that the builders, Ravi Real Estate Developers, had flouted the rule and built a 24-storey structure.
They then ordered the builders to demolish the extra 17 floors at their own expense.