Calculate Before Buying

HDFC chairman, Mr. Deepak Parekh criticized developers for not differentiating between super built-up area and carpet area of the houses that they deal. He pointed that developers mis-guide buyers by selling on the basis of super built-up area, without clearly mentioning how much is the carpet area. In Delhi, the authorities are following the recommendations of new Master Plan of Delhi 2021. But these are not enforced.

Mr. Anuj Puri, chairman and country head, Jones Lang Lasalle Meghraj said, “Building bylaws and regulations differ from state to state and even city to city. However, it invariably turns out that property buyers are required to pay for construction that falls in FSI-free areas—areas of congregation, passage, and common conveniences. In a typical project, these areas do not tend to constitute more than 15-20% of the overall FSI. Nevertheless, all that a buyer would really wish to pay for is the exact amount of space available for personal use in the property, in other words, the carpet area”. Mr. Puri said that you can’t have a house without walls so the buyer ends up paying for the space occupies by the walls as well occupy, by this criterion, the buyer will have to pay for built-up area. Puri contends, “This is, of course, unavoidable.”
Also, if one takes an example of any of the projects in the country, he will find by a simple calculation that he is being charged extra. Let us say the developer is charging two thousand five hundred rupees per square feet as a basic rate. The buyer is interested in buying an apartment of 1,250 square feet. So the value of the apartment stands to be Rs 31.25 lakh. But this does not include the parking charges and maintenance charges. The price calculated does not include the preferential location charges either.

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