Builders Body Hails ‘Carpet Area’ Sale

Confederation of Real Estate Developers Associations of India (Credai) gives a thumbs up to the proposal of sale of property on the basis of carpet area in the real estate regulation bill.

Real estate developers of repute and their representative body Credai agree that super area sale is not a transparent method in real estate dealings. Many admit that there are possibilities that developers manipulate the calculation of carpet area and common areas etc.

Anil Kumar Sharma, president, Credai NCR, says “I do apprehend super area being misused by a lot of real estate developers. Such practices, however, are prevalent in commercial and not residential units.” There should not be too much of a difference between the total built-up area and the sum of the super area of all dwelling units in a group housing society. “I can understand if the difference is little more in case of a township because a lot of space is being utilised for numerous purposes which may not be a part of the built-up area,” he says.

Lalit Kumar Jain, chairman, Credai, hails the provisions of the real estate regulatory bill tabled in Parliament recently as it recommends the sale of property on the basis of carpet area. “I have lot of objections to some provisions of the bill but as far as the carpet area sale is concerned, I am in its favour. In Credai’s code of conduct, it is mandatory for every developer to mention the carpet area of each flat to home buyers so that they know what they are getting from the developer,” he says.

Jain feels carpet area sale is more transparent. Every developer should calculate costs to be incurred on construction and then fix the price on the basis of the carpet area of the apartment. “Doing so might mean higher costs per sq ft but at least a home buyer knows how much area he is getting at what cost. We all welcome the provision of carpet area sale in the real estate regulation bill,” he adds.

Some real estate developers also allege that many builders are launching projects at affordable costs to attract buyers and later increasing profit margins by adding increased super area.

“The carpet area sale will put a full stop to all such practices. It’s high time that the government put a stop to this robbery, says a real estate developer, requesting anonymity.

Source: Hindustan Times(Estates), Delhi, June 29, 2013, Page – 3

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Posted on June 29, 2013, in Real Estate and tagged , , , . Bookmark the permalink. Leave a comment.

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