GoRERA: Carpet area to exclude balcony, veranda, terrace: Maha RERA
To bring about uniformity in the sale of apartments in the state, the Maharashtra Real Estate Regulatory Authority (MahaRERA) issued a circular on Thursday defining carpet area calculation and asked builders to adhere to this standard while drawing up sale agreements.
The regulator’s circular has stated that the balcony, veranda and the terrace, even if exclusive to the flat owner, can’t be included in the carpet area even as internal walls are included in the calculation. While the new rules will result in the per square foot rate going up in certain areas, prices of apartments should remain unchanged.
The move, however, is expected to bring to an end the practice of builders selling flats based on measurements like the built up area (sum of carpet area, wall thickness, ducts, exclusive balcony and verandas) or super built up area (sum of built up area and common facilities like veranda, staircase, lift etc).
47 Days left for RERA Registration.
Last date is 31st July, 2017.
It is observed that Builders are still expecting the extension in the period given of 90 days from 1st May, 2017.
They are also awaiting for new amendments in the RERA Act. Many builders have updated the information and are ready with all the details offline which requires to be updated on RERA website for registration.
The Real Estate Act comes into force in 2016 and makes several provisions for the protection of buyers : Mandatory to register with the Real Estate Regulatory Authority (RERA): All commercial and residential real estate projects with over 500 square meters or eight apartments shall register with the Real Estate Regulatory Authority (RERA) for launching a project, in order to provide greater transparency in project-marketing and execution. For on-going projects which have not received completion certificate on the date of commencement of the Act, will have to seek registration.Escrow Account: The Act prohibits unaccounted money from being pumped into the sector and the money has to be deposited in escrow bank accounts through cheques. There was a time when the money of project for which the payment was taken, was invested in other projects which ultimately resulted downfall of market. This is now being curbed in this bill.Clear Clauses: …
GoRERA Services for Promoters / Real Estate Agents Registration of New and Ongoing Real Estate Projects with MahaRERA Authority.Creating and maintaining the project web page on RERA Authority's website.Quarterly submission of compliances as prescribed under rules.Updating project page every quarter and after every change.Guidance on Draft of Sale AgreementAdvice and guidance on preparation of project advertisement and brochures as per Maharashtra RERA rules & Regulations.Legal assistance with reference to various provisions laid down in the RERA Act as well as MahaRERA Rules & Regulations.Services of Chartered Accountant for certification of the progress of Real Estate project as per RERA rules.