Real estate in India offers greater potential for growth and high ROI. The promising aspect is that both residential and commercial real estate are gaining equal importance. Home buying requires careful planning, proper budget allocation and scrutiny of properties. The cost of your flat is more often than not based on its saleable zone. But there are numerous ways to translate and calculate the saleable zone this may have an immense effect on the real range you get and your add up to buying cost.
Below terms will give you knowledge of what they mean and will help you in making better decisions:
According RERA, carpet area is defined as ‘the net usable floor area of an apartment, excluding the area covered by the external walls, areas under services shafts, exclusive balcony or verandah area and exclusive open terrace area, but includes the area covered by the internal partition walls of the apartment’
While the builders are now legally obliged to mention the carpet area to measure and price units, provisions have also been made for the increase and decrease in its measurement, while developing an under-construction project. If the carpet area is reduced through the course of the construction, the builder will have to refund the excess amount within 45 days, with annual interest, to the buyer. In case of an increase in the carpet area, the developer can also ask the buyer to pay the excess amount. However, the RERA caps the upper limit of the increase in carpet area at not be more than 3%.
RERA Carpet Area Includes
- Rooms – Living room, Bedrooms, Study, Dining Room, Dressing Room & Other Rooms
- Kitchen & Bathrooms
- Internal Walls
- Cupboard Spaces
- Staircases within the property unit
RERA Carpet Area Excludes
- External Walls
- Service Shafts
- Common Areas – Lift, Staircase, Clubhouse etc.
- Balconies, Terrace and Verandas
Built Up Area / Plinth Area
Built-up Area is total covered area of the apartment or commercial property unit. It can be calculated by adding areas of utility ducts within the property unit, external walls, Balconies / Terraces to the carpet area.
Built up Area – Includes
- Service shafts
- Mezzanine floor
- Detached habitable areas such as servant’s room, etc.
- Columns and Walls
Built up Area – Excludes
- Lift and Lift lobby
- Clubhouse, swimming pool, etc.
Roughly built-up area is approximately 10% to 15% more than the carpet area
Super Built up Area / Saleable Area
Super Built up Area is the Built up Area plus proportionate area of common area such as lobby, lift shaft, stairs, etc. Sometime it may also include the common areas such as swimming pool, clubhouse etc.
Generally Carpet area is around 70-80% of super built up area. But this percentage varies from project to project and builder to builder.
Payment is made on Super Built up area or Saleable Area
Super Built up Area includes
- Entire Built up Area of the unit
- Built up common areas – Lobby, Lift Shaft, Staircase, Pipe ducts / shafts, Air ducts, Covered club house, other covered common facilities.
Super Built up Area Excludes
- Roof Terrace
- Open Areas – Parks, Gardens, Play Areas, Driveways etc.
Roughly Super built-up area is approximately 25% to 30% more than the carpet area