Carpet area calculation for safer property investment
Buying a flat can be a daunting task if you are a first-time homebuyer. It’s more so because your investment stake can fluctuate based on the flat carpet area, super built-up area, and project area calculations done by the real estate developers. Understanding the carpet area and how it is calculated can help you save money on your investment.
In the booming real estate market, much to the disadvantage of the homebuyers, very few builders followed a standardized norm of calculating carpet area. This meant that before 2016 if you examined the price of residential projects from two different real estate companies, you might have received different price quotes for the same carpet area.
This is where RERA comes to the rescue of homebuyers!
Introduction to RERA
An acronym for Real Estate Regulations Act, RERA was introduced to protect home buyers from falling into any discrepancies with any real estate company. When builders sell their properties to buyers, the RERA act ensures complete transparency between the two parties, contributing to a win-win position for both and assuring a secured purchase. To add to the benefit, the act also offers the flexibility to create a Real Estate Authority and Appellate Tribunal in each state where a home buyer can complain in case of malpractices by the developer.
While several significant features fall under the RERA Act, the Carpet Area is one of the primary ones. Earlier, builders had the advantage to manipulate the prices of the flats as they deemed fit. However, now, with the enforcement of RERA, several rules have been put in place adding to benefit the buyers equally.
RERA standardized carpet area calculations
A carpet area is the net usable area that covers the space within the walls. In simpler terms, it is the area where you can easily spread a carpet.
- Unlike earlier where each builder could choose their method of Carpet Area calculation, RERA demands the use of a single formula by all. Abiding by the law, JSB Infrastructures ensures to offer the price of every property after they are calculated as per the standard formula prescribed by RERA. Along with carpet area, you may have also come across terms like built-up area and super built area. But how well-aware are you with these terms? Let us help you understand so that you are well-versed and do not fall into prey in the future.
- Built-up Area: This includes the extra areas of a given space such as walls, balcony and so on along with the carpet area.
- Super Built-up Area: This on the other hand includes all the spaces within the calculated carpet area and built area, as well as the stairs, exterior galleries, lobby area and so on if available.
How a Standard Carpet Area Calculation will help Buyers?
Standardized carpet rates allow buyers to know accurately what they are paying for and how much investment they will have to make while buying a 2 BHK or 3 BHK flat. This has brought transparency in the real estate market and goes a long way in instilling professionalism among the project developers.
The absence of standardization and price discrepancies earlier discouraged people from investing in properties. However, with the RERA rules in order, buyers are now approaching the market and investing in good properties that deliver quality, luxury and comfort.
Protection RERA offers to the buyer in case of miscalculation of carpet area
A buyer can most definitely file a complaint against the builders in case of any alteration in the carpet area calculation. After the purchase has been made or after the completion of the construction of the property, you as a buyer have to receive the final carpet area calculated document from the builder.
This document must include every essential detail of the property purchase or construction. Once the certificate is granted, you have the right to cross-examine the total area as divided by the realtor or informed by the real estate agent. In case of alterations, the Real Estate Regulations Act demands a recalculation of the area after which the excess amount is refunded within 45 days of the complaint.
Conclusion
Among the many projects of JSB Infrastructures, we take pride to inform you that our luxury residential projects JSB Jyoti Residency, JSB Spring Field, JSB Lake Front & JSB Serene Towers are RERA-certified properties. RERA certification of a property ensures transparency, standardisation and professionalism on the part of developers. We will be doing a series of articles on RERA in the coming days. So do come back to read more!