Outward No: Ka.15/Circular/RERA/
Office of the Inspector General
of Registration & Stamp Controller,
Maharashtra State, Pune-1.
Date : 02/01/2018.
Sub:– Guidelines No. 5 for Mumbai City and Guidelines No.4 For rest of Maharashtra
1.2 ratio has been mentioned in guidelines no.5 for Mumbai City and No.4 for rest of Maharashtra in respect of calculating built up area from carpet area in the guidelines with annual valuation rate table.
The Maharashtra Real Estate Regulatory. Authority has issued Circular No.4/2017, Dt. 14/6/2017 regarding calculation of carpet area under Section 2(k) of Real Estate (Regulation & Development). With it they have given illustrative sketches regarding which area to be included in carpet and which not to be included. -Accordingly it is necessary to include area of inner walls of the flat in carpet area. It is mentioned that area covered by the external walls, and similarly–areas under services shafts, exclusive balcony or verandah area and exclusive open terrace area shall not be included. Incidental to said changes individual memorandums and also memorandums from CREDAI regarding making changes in valuation guidelines were received. Therefore it is necessary.to make changes in the ratio calculating carpet area from built area. Thus, following changes have been made in guidelines no.5 for Mumbai City and guidelines no.4 for rest of Maharashtra.
CarpetArea/Built up Area :-
- The rate mentioned in annual, valuation rate are of built up area. If documents mentioned Carpet area, then valuation should be made by drawing built up area as follows :
Built up area = 1.1 x Carpet area or Carpet area = Built up area / 1.1
However if there is any other mentioned other than Carpet area and if the said area is more than Carpet area x 1.1 then, valuation should be made by considering the area mentioned in the documents. However in the case of open parking, terrace and balcony, only mentioned area should be considered.
- Valuation of closed balcony adjacent to the flats/offices/shops/industrial properties should be made with sales price of the respective use of concerned annual valuation rate table.
- If open balcony adjacent to the Flats/ Offices/ Shops/Industrial use is shown in documents and plans with it , then its.valuation should be made at the rate of 40% of the sale price of respective use shown in annual valuation rate according to Instruction No.15 for Mumbai and Instruction No. 14 for rest of Maharashtra.
- Hereinbefore since area under all walls in the flats sold was not incorporated in carpet area, for the sale/agreement of such resale flats, earlier 1.2 ratio should be used for calculating built up area according to carpet area with balcony area. However if there is mention of built up area or saleable area except carpet area in the document, then that area should be considered directly. The ratio 1.2 should not be applied to it.
The said Circular shall be came into force from the date of issue.
The copy of the said Circular is available on the web site www.igrmaharashtra.gov.in
Inspector General of Registration & Controller of Stamps, Maharashtra State, Pune.