If you are planning to buy a flat read this blog to find out the list which needs to be validated before buying a flat! In this blog, we explain what’s a Built-up Area, Carpet Area, RERA Approved flats, and what’s difference between RERA Approved & HMDA Approved status is.
The built-up area in your flat or apartment is the carpet area plus the area that’s covered by the inner walls and the balcony. In apartments in India, nearly 30 of a housing unit’s entire area is used in creating the inner walls and the balconies. This means that if the builders tell you that the built-up area of the units is 1100 sq ft, you could assume that the net usable area or carpet area of the apartment won’t exceed 1100 sqft.
The carpet area is the real usable area you get for use in your home. This additionally implies that the carpet area of the apartment won’t include the space used in constructing the lobby, the elevator, the stairs, the play area, etc.
To put it in simple terms, the difference between carpet area and built-up area boils down to the area inside the four walls as opposed to the area both inside as well as outside the four walls that belong simply to the possessor of the property.
The Telangana government notified its RERA rules on July 31, 2017. The state’s rules will be called the Telangana State Real Estate (Regulation and Development) Rules, 2017. They’re applicable to all real estate systems, whose structure authorizations are approved on or after January 1, 2017, by the competent authorities. A host of services are delivered for homebuyers, builders as well as real estate agents. Also known as the TSRERA, the authority is looking at encouraging ease of doing business in the state.
RERA Approved Flats Buying an apartment registered under RERA will be a safe bet. The following are the provisions to protect the buyers Any builder launching residential property over 1100 SFT measures or eight apartments to register the design with RERA and upload all the details pertaining to the said design on the RERA website before any initiation for sale is made. Comprehensive records from conceptualization to completion of every design will be maintained to assure the consumers make sound investments in the real estate sector.
To further deliver strength to this, Appellate Bars will be set up in each state to arbitrate and deal with real estate controversies. RERA will be a sigh of relief for the consumers by closing out the hassle of approaching the Courts for these controversies. This Act also requires the builders to deposit 70 percent of the total amount received from the buyers in a separate bank account allocated for each design and any change the builder proposes in the layout or plans must be approved by two-thirds of the buyers in that project.
RERA has provisions to punish both the builder and promoter with analogous interest rates for missed payments and delayed construction. Further, in case of violation, the builder dangers assessment of heavy penalties and also losing their inventor enrollment.
Both are fully different but dependent. It’s safe to buy HMDA Approved Property, RERA enrollment isn’t needed for lesser communities/ projects and it’s compulsory to register under RERA for bigger apartments ( property size over 1100 sft measures) .
So, impeccably no need to really consider RERA Registration as the builder will do it anyway else, he’s punishable under law. On the other hand, builders submit for HMDA Approvals to construct property, once it’s approved, as per law builders should register under RERA if it’s applicable.