The Maharashtra Real Estate Regulatory Authority (MahaRERA) has been exceptional from the day one. To bring consistency in real estate sale (especially the residential apartments of the state) MahaRERA issued a notification spelling out the carpet area calculation. The circulation also directed the state builders to maintain this standard during their sale agreements.
As per the circular the balcony, veranda and rooftop even belong to any specific flat owner then also it won’t be included in the carpet area measurement. The same rule is applicable for the internal walls. Experts are presuming that this new rule might increase per sq ft area in some places, but on the whole the prices of the residential apartments will remain parallel. With this new rule rollout end consumers won’t be further bullied by the developers regarding measurement of the floor (FAR) area namely- the built up area (sum of carpet area, wall width, ducts, exclusive balcony and verandas) or super built up area (sum of built up area and general facilities like veranda, staircase, lift etc).
Now, buyers won’t get confused with the terms like –carpet area, built up area and the super built up area and developers will communicate with the buyers in an even dialect. RERA has standardized the carpet area for all. Builders are now bound to sell the apartments rest on the measurements set by the regulatory authority as it has clearly defined the carpet area, build up area and the super-build up area.
Mumbai Grahak Panchayat has opposed the enclosure of inner walls of the property into this calculation as the authority considers that carpet area which exactly obtains the area of carpet which can be put out wall to wall. The authority also highlighted that this rule was already in the existing set of laws in Maharashtra realty, but it was seldom followed during the realty sale. Now, with RERA undertaking, builder will have to be subsequent to the legal statue, other than getting penalized.
West Bengal RERA and Realty expert Mr. Mahesh Somani surmises that with this law enforcement consumers will be safeguarded from getting disoriented as to the floor area measurement. They will have an apparent idea about what they are exactly paying for.
Speaking about West Bengal RERA implementation Somani also stated. “MahaRERA has been setting benchmarks in India realty from the time of its commencement. Similarly West Bengal will come up with unique set of law through which end users can be throughout protected while purchasing their respective properties. During this transition period people in Bengal seems to be highly confused related to the law enforcement and their realty investment protection purpose. Not only, the potential buyers but also the sellers are also seen inquiring about RERA impact on realty market including the resale. People intend to sell their property are advised to sell property online with any leading property portal where they won’t be charged for promoting their properties online.”
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