The Noida Authority has instructed to calculate the stamp duty on the bases of carpet area instead of super area. How is it going to benefit the homebuyers? Know details
Providing much-needed relief to homebuyers, the Noida Authority has recently mandated that the registry of flats should be on the basis of their carpet area. This move will benefit the homebuyers as they have to pay less for registry of plot in Noida from now. “This order by the Noida Authority will bring much relief to homebuyers as it will reduce their registration fee cost for the flats and thereby lower their overall property acquisition cost,” said
Santhosh Kumar, vice chairman of ANAROCK Group.
Property Calculation in Noida: What’s the New Rule?
The Noida Authority has recently informed the UP Real Estate Regulatory Authority (UPRERA) and revenue department to calculate the stamp duty on the bases of carpet area instead of super area. It is important to see how this move is going to effect the price of flat in Noida.
What is Carpet Area and What is Super Area?
Carpet area, as the term suggests, is the area that you can cover with a carpet in a flat. Also touted as net usable area, carpet area simply denotes the space that you are going to use in your house.
The Real Estate (Regulation and Development) Act clearly defined carpet area 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 verandah area and exclusive open terrace area, but includes the area covered by the internal partition walls of the apartment.”
Carpet area in a flat bedroom, dining room dressing room, kitchen, study, stores, any other room, bathroom, balconies within the house and staircase within the house.
The built-up area in a flat is its carpet area plus the space taken by the wall. It includes unusable areas such as balcony, terrace, flower beds, etc. Builders use the constructed spaces, not exclusively allocated to the buyer on the carpet area, to arrive at the super built-up area. The super area of a unit is the total built-up area with the area occupied by common areas, including the corridor, the lift lobby, the elevator, etc.
The super area or super built-up area of a flat includes built up area of the flat, clubhouses, air ducts, pipe or shaft ducts lift, staircases, lobby, swimming pool
gymnasium and any other common facilities.
Section 4 of the RERA mentions that every promoter shall make an application to the real estate regulatory authority, for registration of the real estate project, while providing the carpet area of apartments for sale in the project, along with the area of the verandahs or exclusive balcony and the exclusive open terrace areas with the apartment.
How is the New Norm Going to Benefit the Homebuyers in Noida?
This new move has witnessed a mixed reaction from the experts. The new rule will reduce the registration fee cost for the flats, believed some of the experts. “Already RERA had mandated earlier that developers sell flats based on carpet area instead of the super built-up area. However, even while developers did mention the carpet area but there was ambiguity when it came to registration of flats. It was mostly charged on the super-area. With this order now, absolute clarity has been provided and homebuyers are set to benefit from this,” clarified Santhosh Kumar, vice chairman – ANAROCK Group.
Some experts are skeptical about the fact the this new rule is going to affect the price of flats in the Noida region in any way. Developers have been already following the RERA norms and selling houses on the basis of carpet area, analysts mentioned
“This rule will ensure uniformity with the RERA rules. Buyers have the right to know the actual size of their unit, and after this announcement, the buyers will get to pay the registry as per the actual size of their possession. All the developers have to reveal the carpet area to the buyer; however, there will be no major impact on the cost of the apartments,” said Vikas Wadhawan, group CFO, Housing.com, Makaan.com and Proptiger.com.
“We appreciate the authority’s thought behind introducing this measure, although after the introduction of RERA guidelines most of the developers have already switched to these norms and have updated their prices. If we look at the ground reality, this won’t be bringing any difference at all to the overall apartment price, or the revenue earned by the government registration department and the government exchequer,” mentioned Amit Modi, director, ABA Corp, and president (elect), CREDAI western Uttar Pradesh.
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