Super-Built-up dragon Eats your living space
By Sanjay Chaturvedi
Under Maharashtra Apartments and Ownership, government of Maharashtra has established a Model Agreement for Property purchaser and sellers. It clearly maintains that the carpet areas must be mentioned in sq.mtrs and not built up area.
The seller of flats and property in Mumbai, are entering built up are in the agreement. Normally, built-up to carpet ratio should not exceed 22%, by thumb rule of constructions. But unfortunately, this ratio has been enhanced to 40% to 50%. Even government housing agencies are making agreement on built up area. They also advertise built up area. And issue literature, of properties to be sold.
In other word, if a purchaser purchases 1000 sq.ft. flat, he gets only 600 sq.ft. carpet area to live.
It will not only increase the rate of the property indirectly but also enhance stamp duty and registration fee on the carpet area.
Why a person should pay stamp duty on 1000sq.ft. when he gets only 600 sq.ft. for Rs. 10,00,000/-. That means the effective rate for his 600 sq.ft. carpet area will be Rs. 1,667/- per sq.ft. The poor purchaser not only get less space to live but also pays more then the market rate and pays enhanced stamp duty on registration charge In commercial projects the ratio touches more then 60% and higher. The super built up concept is now going for jumbo super built up concept.