Homebuyers in apartments look at price per square foot. According to the market condition of the respective area, the price is fixed from Rs.4,500 to Rs.12,000 and above per sq.ft.
Sellers do not clarify what this price includes.
To prevent irregularities in this, the Real Estate Regulation Act, 2016 was passed.
According to this, it is mandatory to clearly mention the ‘carpet area’, the area between the walls of the house, while selling the house in the apartment projects.
But, along with this space, the price is fixed along with the public land called ‘Common Area’.
Generally, in house sales, if it is a 900 square feet house, the price is calculated for 900 square feet based on the price per square foot. Of this, the share of ‘Super Buildup Area’ for public utility area will be up to 15 percent.
15% of the house’s selling size, 900 square feet, will go to the construction company on the basis of common area.
The remaining 15 percent of this area is available for house use. In this, most of the construction companies have increased the share ratio for the common area.
necessary
Regarding this, Tamil Nadu Apartment Builders Federation President Mani Shankar said:
Ever since the construction of flats, only 15 percent of the area for sale has been calculated as common area.
Currently, companies implementing multi-unit projects have increased the common area ratio by up to 27 percent.
Some prominent companies in Chennai have increased the percentage of super built-up area in their sales area.
Even though this is said to be done for the special facilities provided in the residence along with the public spaces, the cost to the people is high.
If you appeal to the Real Estate Commission about this, ‘At the time of sale, the law only states how much is the carpet area of the house. They say that there is no definition of how much common area should be in the sales area.
The government should intervene in this matter and define the common area size in the sale area of the houses.
This is what he said.
Why the high cost?
Real estate appraiser B. Palamurugan said:
What is the area between walls when selling a house in apartment projects; What is the area added to the walls; Construction companies should clearly state what the ratio is for common area.
What is the price per square foot for the general public; What is the total cost; Be careful how much you give to the common area.
As at present, it would be reasonable to calculate the common area as 15 percent in residential areas with a large number of houses.
The government and the Real Estate Regulatory Authority should ensure that the construction companies adhere to this.
This is what he said.
This is too much!
The construction department said: In apartments, the ‘head room’, the place where the stairs meet on the upper floor, the overhead water tank and the basement area are also referred to as ‘common area’ or ‘super build-up area’. For example, in a 2,400 sq. ft. plot, 4,800 sq. ft. ft area, when six houses are built, the common area will be 500 sq ft.
If this construction cost of 500 square feet is divided on the basis of the number of houses, the price burden can be prevented. But if this is calculated as 27 percent of the selling area of each house, each person who pays for 900 square feet will get 243 square feet less. They said. .