The introduction of RERA Act or the Real Estate Regulatory Authority Act has changed the dynamics of selling and buying of properties throughout the nation. Post RERA, people are now a lot more aware of the different aspects of real estate and their rights as buyers.
One of the key changes that have occurred post-RERA is with regards to the “carpet area” of properties. There are three different ways in which the area of a property can be calculated. These include the carpet area, built-up area, and the super built-up area. As per the RERA Act, it is now obligatory for developers to disclose the accurate carpet area of a property so that buyers can make more informed decisions with respect to property purchases.
Now, to better explain as to how this disclosure of carpet area is going to change things for buyers, let’s first discuss what the term “carpet area” refers to, and how it differs from the other two.
Carpet Area and What It Means
According to RERA, the definition of carpet area is “the net usable floor area of an apartment minus the area occupied by the outer wall, exclusive balcony or open terrace area, verandah or the area under service shafts, but including the area within the internal partition walls of the apartment”.
To put it simply, the carpet area of an apartment is the net usable area or the entire inner space wherein you can lay a carpet. The carpet area is generally 70 percent of the built-up area.
The built-up area refers to the carpet area and the space covered by walls. This includes balconies, mezzanine floors, terraces and other detachable habitable spaces like the servant quarters, etc.
A super built-up area, on the other hand, covers the carpet area, built-up area, and the additional area covered by galleries, lobbies, and staircases that may be common to the entire building.
Disclosure Of The Carpet Area and Its Effects
Before RERA, promoters often informed buyers of the built-up area of a property and not its exact carpet area which happens to be less than the former. This resulted in a disconnect between what buyers paid for and what they actually received. Buyers would often file cases with consumer courts against cheating by builders, with regards to the size of the property.
However, with the Real Estate Act 2016 in place, all these are deemed to change. Some of the most significant changes that are already in motion include: -
Buyers will have the exact information about the area of a flat they can expect to receive from the developer. They will know what amount of space will be included in the carpet area and what part will be for the balconies, verandas, and so on.
Abiding the standardized definition of carpet area, developers that bring up new real estate projects will be more particular with their plans, to ensure that they deliver what has been promised.
Incidents where dishonest builders included verandas, terraces, flower beds, and balcony into the carpet area, won’t happen anymore.
Efficient designing will get priority thanks to increased awareness among buyers. This is where the disclosure of carpet area helps them a lot.
Backed by accurate knowledge of a project site, plot and its layout, buyers will be in a better position to make their buying decisions. Furthermore, it will also get easier for property owners to identify their rights and the tax liability on the property, given that it is a part of a larger structure.