Affluent Buyers Ready to Pay Premium Even For Litigation Properties

Bangalore: Cash rich Indian buyers are willing to pay premium amount even for disputed properties, to get an up market status. Most of the expensive properties that are up for sale in India’s most popular residential localities like Lutyens’ Delhi and South Mumbai are mainly properties under litigation, reports Ravi Teja Sharma & Kailash Babar of Economic Times.

According to real estate experts, multiple feuding owners are the majority who are putting these prime properties up on the market as the descendants of the actual owners face difficulties to split these properties among themselves.

With the increase in property prices, the current owners of these properties are grabbing the opportunity to take their share of profits instead of carrying the properties which came under litigation. But there are also cases where joint owners put such properties for bidding even after settlement.

"There are hardly any clean properties in these areas. So any property that is being sold is under litigation. The clean ones are perpetually out of circulation," said Amitabh Chaturvedi, Managing Partner at law firm Mine & Young.