Noida: Here comes a piece of wonderful news for the homebuyers who are planning to purchase flats in Noida area. This week, the Noida Authority has issued an order mandating that the registry of flats will be done on the ‘carpet’ area. The move comes as several homebuyers were for long demanding that the registry of a flat should not be determined by the ‘super area’ — a factor that gives scope to developers to hike the cost of apartments. Praise the order from the authorities, the industry experts said the move will reduce registration fee cost for the flats and lower the overall property acquisition cost of homebuyers.Also Read - Attention NOIDA People! Don't Have a Reflective Tape on Your Vehicle? You Might be Fined THIS Much
As per the updates, 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. Also Read - Noida Traffic Police Launches Drive To Paste Reflective Tapes On Cars, Trucks To Avoid Accidents
Speaking to news portal, Santhosh Kumar, Vice Chairman, ANAROCK Group, said the order by the Noida Authority will bring much relief to homebuyers as it will reduce their registration fee cost for the flats and will lower their overall property acquisition cost. Also Read - Girl Child, Missing For 4 Days, Found Dead in Under-Construction Noida Building: Police
However, some other experts felt that the move will not bring any difference to the overall apartment price, or the revenue earned by the government registration department. On the other hand, some developers felt the overall price of the units will remain the same.
As per the new order, the apartment owners will pay less to a developer and will also pay less for registration of a flat.
What is Carpet Area and Super Area? As per the provisions of the UP Rera that became effective on May 1, 2016, the carpet area means the net usable floor area, excluding the area covered by external walls, service shafts, balconies, verandahs and open terraces. On the other hand, the ‘super area’ refers to the common area that developers add to the actual size of the flat, thereby increasing the size of the unit to make more profit.
In simple language, the carpet area in a flat means bedroom, dining room dressing room, kitchen, study, stores, any other room, bathroom, balconies within the house and staircase within the house.
How will the new rule benefit homebuyers? As per the opinion of the experts, the new rule will reduce the registration fee cost for the flats. Experts said that with the new order now, absolute clarity has been provided and homebuyers will greatly benefit from this.