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Welcoming the Government's move to ensure sale of residential property by carpet area, the Maharashtra Chamber of Housing Industry (MCHI) said the government should also extend the norm for stamp duty and plan approvals.
Carpet area is the area of an apartment within the enclosed walls.
Mr Paras Gundecha, President of MCHI, said, “We have already initiated steps like the self regulatory code of conduct for our members envisaging sale-by-carpet area.”
He said MCHI had also suggested to the government that carpet area should be the common measurement unit for even for levy of stamp duty and building plans.
Last year, MCHI had asked the government that building plans and stamp duty levy should be on carpet area, when the state sought to impose the carpet area norm.
Developers prefer to go by the super built up area (total of carpet area, area walls occupy and proportionate share of common area) while quoting prices as the ‘loading' or the proportion of common area that is added to the individual units, such as lobbies, measure 35-45 per cent of the super built area for which the sqft rates are quoted.
This would also mean that the existing rates quoted would be proportionately increased by developers when they start to follow the carpet area norm.
There have been numerous complaints from buyers that they were unable to estimate their share of the ‘common area' taken up by amenities and had to accept developers calculations.
However, it is also a practice that almost all developers furnish the carpet area measurement to buyers as also the loaded sqft (proportionate share) on the individual units.
INPUT COST
On prices, Mr Gundecha said that the cost of inputs such as steel, cement, labour, power, fuel and transportation were always on the rise. Added to this was the rising cost of funding due to the interest rate hike.
Calling for a single-window system for submissions and clearance of building plans, he said there was a lot more to be done by the government. If real estate development plans were cleared quickly, it could save a lot of time and even money.
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