Homebuyers in Noida will have to pay less for the registry of plat as the Noida authority has mandated the registry to be done as per carpet area and not by super area.
The authority has issued a order in this regard and has informed the UP Real Estate Regulatory Authority (UPRERA) and revenue department asking them to calculate the stamp duty on the bases of carpet area.
Super area of a flat is usually 20-25% more than the carpet area as it include area covered by the external walls, areas under services shafts, exclusive balcony or verandah area and exclusive open terrace area.
“After the introduction of RERA guidelines most of the developers have already switched to these norms and have updated their prices. As a group we had already implemented this in accordance to RERA guidelines and will be happy to continue the same,” said Amit Modi, Director, ABA Corp.,President (elect),CREDAI Western UP.
As per the RERA guideline, promoter of the real estate project should disclose the number, type and the carpet area of apartments for sale in the project along with the area of the exclusive balcony or verandah areas and the exclusive open terrace areas apartment with the apartment.
“This is yet another step by the authority to streamline the sector. We do not see any impact on the price of the units, as developers will increase the cost to accommodate the expenses incurred on common areas, but the price paid by the buyers will remain the same,” said Yash Miglani, MD, Migsun Group.
In April, the Haryana Real Estate Regulatory Authority, Gurugram had directed the developers to sell flat only on the basis carpet area.
“No conveyance deed of a real estate unit shall be registered except on the basis of carpet area. In cases where the real estate unit was allotted to the allottee prior to the Real Estate (Regulation and Development) Act, 2016 coming into force, the promoter shall at the time of registration of the conveyance make disclosure of all the components constituting the super area, however the conveyance deed shall be registered only on carpet area basis,” Haryana RERA has said in the order.
Developers said that the per sq ft cost might increase, but the overall price of the units will remain the same.