In today’s high prices in real estate markets it is not possible for the common man to buy a plot and construct his dream house. The other alternative is buying a Flat as
per his budget. But, buying Flats is riddled with many problems as there a
number of players in the realty sector who do not follow the strict norms laid
down by the Government authorities. In many of the case they violate the
building norms and conceal the facts from the gullible buyers while selling the
flats. The recent Camp Cola compound demolition incident in Mumbai is a glaring
example as to how the unscrupulous builders deceive the buyers of flats.
The following
terms and tips have to be considered before buying flats. A flat means
self-contained premises used or entitled to be used for the purpose of
residence or office, showroom or shop or go down or for carrying on any other
business and include garage or premises, which forms the part of the building and includes an apartment.
Difference
between Built-up Area, Super Built-up Area and Carpet Area
- Carpet Area: This is the area of the apartment/building, which does not include the area of the walls.
- Built up Area: This includes the area of the walls also.
- Super Built-Up Area: This includes the built-up areas along with the area under common spaces such as the lobby, Lifts, stairs etc. This term is therefore only applicable in the case of multi-dwelling units.
The difference
between carpet area and the built up area is very simple to understand.
Normally the area available to spread carpet in the flat is considered as
carpet area, whereas the space occupied by the walls is also considered in
calculating built-up area. The space occupied by Gardens, Swimming Pool and other
unoccupied space is also considered for calculating the super built up area.
Normally the measurement is carried out considering 15% more for built up area
and 30-40% more for super built-up area.
The standard
defines various important terms like plinth areas, carpet area, rental area,
balcony, stair cover, a loft and porch. It stipulates that the areas of
basement, floor without cladding (stilled floor), floors including top floor,
which may be partly covered, mezzanine floor, and garage shall be measured
separately.
For measurement
of plinth area of the above categories, the various areas required to be included and those not to be included in the plinth area are clearly mentioned.
From the plinth areas as worked out above, the carpet areas obtained by
deducting the area of wall in accordance with the method given in the standard,
which details the wall areas to be included and excluded.
The carpet area
so obtained shall exclude the areas of portions like, Verandah, corridor and
passage, entrance hall and porch, staircase and stair cover, shaft and machine
room for lift, bathroom and lavatory, kitchen and pantry, store, canteen,
air-conditioning duct and plant room and shaft for sanitary piping in
accordance with the provisions of the standard.
Apart from
plinth and carpet areas, the standard also gives the method of measurement of
rental areas for residential and non-residential buildings by adding certain
areas to the carpet area.
It clearly
mentions the areas to be included and excluded while working out the rental
areas. It is recommended that the architects, engineers, government departments, contractors, builders, developers and promoters and all other
concerned should adopt this Indian standard for uniform implementation of the
standard method of measurement of areas of buildings, especially in the
interest of common consumer.
Before you purchase
a flat, you have to have a title and document search conducted by an advocate having good experience in property matters. You cannot do it yourself as it
involves lot of intricacies with regard legal matters. It is a professional job
to be done with professional expertise. However, you have must know about the
following points before buying any property.
With the current
boom in the property market the
euphoria associated with investing in real estate has become so great that both
investors as well as end users are putting in money without doing much home
work. Many new builders attracted by the prospects of high profitability have
entered the field which, although for buyers it means more choice, also it has created
a dilemma about the credibility of the property. So, when you wish to buy a
house/flat developed by a builder, keep the following in mind:-
- Remember that you are better off with a reputed developer. In fact, you would be skating on thin ice if you buy from a builder with no experience or repute.
- Check the background and reputation of the builder.
- You may consider a new builder’s project only if it’s on superior location with good specifications and attractive pricing.
- Check if his company is an ISO certified one and if the project is rated by a credit rating agency Like CRISIL, ICRA or CARE, ISO 9000+. Certified companies usually offer a good quality Services and products.
- Find out about the gap between the primary and secondary market prices of theproject. The primary market price is what you pay (a builder) to buy properties in a project while the secondary market price is the price at which you can buy a property in that project from a previous buyer.
- With established developers you can visit their existing projects and see what they have delivered in the past but with new ones at least find out about the financial strength of the group and enquire if their ventures have been successful.
- Find out if the builder has deep pockets to weather a downswing in the sector or a financial setback.
- In case of a totally new builder, it is preferable to purchase a built property rather than one that is yet to be built.
- Be cautious if you are investing in a pre-launch sale by a new developer even if he is offering an attractive discount.
- Find out if the builder’s project is on the pre-approved list of the bank.
- Check the prices quoted and enquire from reputed property agents to verify.
- Enquire about the earth-quake-resistant design of the building.
- Check the sanction plan and ensure that the project has been fully approved by the concerned authorities. Find out about the permitted coverage and the Floor Area Ratio (FAR) of the property.
- Ensure that the builder has obtained a ‘Completion Certificate' and the ‘Occupancy Certificate’ which is the proof of compliance with all local Municipal regulations.
- Remember that there could be construction defects that are detected later. Therefore, make the builder give you a guarantee against construction defects for at least the first year.
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