Before the formulation of RERA, the property was sold based on a super-built-up area.
People often get confused with the terms like carpet area, built-up area, super built-up area. Find it difficult to understand what is the actual area? To usher in transparency, new norms were introduced by RERA.
As per new RERA norms, the developers must sell property based on the carpet area. Now the buyer knows how much amount is to be paid for the actual usable area.
The carpet area is the area enclosed within the walls, the actual space to lay the carpet.
The carpet area indicates the actual usable area of an apartment/office unit/showroom, etc. The high carpet area means more usable space inside your house/office.
As per RERA, the net usable floor area of an apartment, excluding the area covered by the external walls, areas under services shafts, exclusive balcony or verandah area, open terrace area, but includes the area covered by the internal partition walls of the apartment.
However, It is important to understand the concept of built-up and super built-up-area, if you are buying a property.
The built-up area is the carpet area plus the thickness of the outer walls and the balcony.
The shared walls with other units are factored in at fifty percent while other walls are fully taken into consideration.
Super Built-Up Area is the built-up area plus proportionate area of the common areas such as the lobby, lifts, shaft, staircases, generator room, corridor, etc.
The Plinth area along with a share of all common areas proportionately divided amongst all unit owners makes up the Super Built-up area. Sometimes it may also include the common areas such as swimming pool, garden, clubhouse, etc. This term is, therefore, only applicable in the case of multi-dwelling units.
It has been observed that most developers are quoting the final price of the units instead of quoting the price based on area. Implementation of RERA new rules helps the buyer to have a clearer picture of the unit price.
The Real Estate Regulatory Authority was formed to bring transparency and accountability in the real estate sector. The RERA aims to protect the interest of property buyers and resolve their problems.
The main objective was to create fair and square transactions between property buyers and developers.
All the builders must register the project under RERA before the commencement of the project.
Each state has its own Real Estate Regulatory authority to monitor and adjudicate all the issues related to real estate projects.
All the builders must register their projects with RERA and abide by the rules and regulations of the authority.
The RERA aims to establish a fast-track mechanism to settle all the disputes between developers and homebuyers through the appellate tribunal.
Q. What is the Carpet area?