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RERA Carpet Area

by admin on July 17, 2021
RERA Carpet Area

What is RERA Carpet Area?

According to the RERA, carpet area is defined as ‘the net usable floor area of an apartment, excluding the area covered by the external walls, areas under services shafts, exclusive balcony or veranda area and exclusive open terrace area, but includes the area covered by the internal partition walls of the apartment’.

What is the difference between Carpet Area and RERA Carpet Area?

Carpet area usually means anything inside the outer walls of an apartment, but excluding the balconies, veranda, wall thickness or open terrace and shafts. According to RERA, carpet area will include the area covered by the internal walls of the apartment along with the net usable floor area.

How RERA will help home buyers?

Accurate information about a project’s site, layout and plot, will empower the buyer to take an informed decision, It would also become easy for owners to understand the components of their tax liability on property and the rights and easements associated with a property, when it is part of a larger common structure or building.

Change in price if the carpet area is altered

In case of an apartment, the promoter has to confirm the final carpet area that has been provided to the buyer, after the construction is completed and the occupancy certificate is granted. The real estate law specifies that in case of alterations, the total payable price will be recalculated. In case there is an increase in the carpet area, the developer can demand a higher amount in the next payment. The cost will be calculated at the same rate per sq ft, as agreed.

Grievances will be resolved addressed and solved quickly

Under RERA, regulatory bodies and appellate tribunals will be set up in each state to solve builder-buyer disputes. Any person aggrieved by any direction, can expect a resolution from the appellate within 120 days.

Builders will need all clearances before selling

Earlier, builders often sold projects that did not have all clearances, causing many problems for the buyers. Under RERA, builders and agents will have to register themselves with the regulator, disclose every detail about the project and will be able to sell projects only after the necessary clearances have been attained.

To conclude: It is mandatory for all builders and agents to register with the RA (Regulatory Authority) after its establishment. They will also be required to register their projects along with all the information including, financial statements, copy of legal title deed and other documents. Post which, they will receive a project-wise registration number.

Before Investing make sure you buy a project which is registered with the regulatory authority! Give us a call to learn about all our completed and ongoing projects and financial advisory services to help you fulfill your dreams!

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