Realtors unfazed by SC's verdict

MUMBAI: Most builders seem unaffected by Wednesday's Supreme Court ruling, which prohibited them from selling parking areas as independent units to flat buyers. The apex court rejected a real estate company's argument that developers are entitled to sell garages/stilt parking areas as separate flats to owners who intend to use it as parking facilities.

A cross-section of real estate insiders told TOI that it was highly unlikely that builders would let go of this revenue despite the order. "They will either jack up the price of the apartment or quote a lumpsum rate to the buyer. No builder in this city will give anything for free," said an industry source.

Moreover, parking area in a building is free of floor-space index (FSI). "For a builder to charge the flat buyer for something that is not included in the FSI is obnoxious," he said.

Inquiries done by TOI show that a stilt parking in new building in suburb like Borivali could be Rs 7 lakh. In the Napean Sea Road area, a closed garage in an old skyscraper could go for between Rs 35 lakh and Rs 40 lakh. In the Pedder Road area, the rate quoted by the builder for an area demarcated as parking space in a premium residential high-rise was a phenomenal Rs 1.5 crore.