New Delhi: In a good news for home buyers, the Haryana Real Estate Regulatory Authority has said it had issued regulations for the sale of an apartment or a building in any real estate project on carpet area basis regulations only. The Gurugram-based state regulator warned that penal proceedings would be initiated against the promoter or the real estate agent violating the instructions, according to an IANS report.Also Read - IPL 2022, SRH vs PBKS LIVE Cricket Score, Match 70: Sunrisers Hyderabad Win Toss, Opt to Bat

The sale on super area basis shall be treated as fraudulent and an unfair trade practice by the promoter, said a statement quoting Chairman K.K. Khandelwal. The conveyance deed shall be executed only on carpet area basis. The sale of apartment or building is only on the carpet area basis. So the sale of super area or any other basis is illegal, it said. Also Read - ICMR Recruitment 2022: Apply For 18 Scientist C Posts Till June 05| Check Salary, Other Details Here

Khandelwal said the “definition of super area as provided in various builder-buyer agreements is vague and there are wide variations in the definitions”. Also Read - No Tax Cut On Petrol, Diesel In Tamil Nadu? DMK Govt's Minister Has THIS To Say

“The property in real estate projects is not properly described by way of mentioning super area without specifically giving details and breakup of the components included in the super area. The practice of sale of the real estate on super area basis is misleading, ambiguous, opaque, and gives rise to confusion and complexities and at times result into avoidable litigation,” he said.

These regulations have been made by the authority to ensure sale of plot, apartment, or building, as the case may be, or sale of real estate project, in an efficient and transparent manner and to protect the interest of consumers in the real estate sector, he said.

Noting that before Real Estate (Regulation and Development) Act of 2016 came into existence, there was lack of a legal description for the term ‘carpet area’, he said the Act has provided specific and concrete definition of carpet area which now has addressed the vagueness and uncertainty in this regard.