The Haryana Real Estate Regulatory Authority recently issued regulations for the sale of an apartment or a building in any real estate project on the basis of carpet area only, a move that is expected to provide a big relief to the homebuyers.
According to the Gurugram-based regulator any promoter or real estate agent if found violating the instructions, a strict action will be taken against them. If any flat or apartment is sold on super area basis it shall be treated as fraudulent and an unfair trade practice by the promoter.
The conveyance deed shall be implemented only on carpet area basis. The sale of apartment or building is only on the carpet area basis and the sale of super area or any other basis will be considered illegal.
According to industry experts, the practice of selling residential real estate on super area basis is misleading and may result in further confusion and complexities. Also, the property in real estate projects is not properly described by way of mentioning super area without specifically mentioning any details and breakup of the components that are a part of super area.
These regulations have been implemented by the authority to ensure that the sale of a plot, apartment, or any built structure in a real estate project happens in an efficient and transparent manner. Moreover, this will also safeguard the interest of consumers in the real estate sector.
There was lack of a legal description for the term ‘carpet area’ before Real Estate Act of 2016 was implemented. The Act has now given more concrete definition of the term ”carpet area” which now has addressed the uncertainty in this regard.