An interesting article by Ramesh Prabhu in the November 2019 issue of MSWA’s Housing Society Review
Another interesting article by S Parthasarathy in the above issue on the same topic
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 :-
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.
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.
Here is a quick look at the salient features, chapter-wise, of the Real Estate (Regulation & Development) Act, 2016, known as RERA.
By Dr Sanjay Chaturvedi, LLB, PhD
RERA – The Real Estate Regulatory and Development Act 2016 came into force on the 1st of May 2017. With the aim to regulate the sector and bring clarity in the real estate market and the act is a key reform measure in the vast real estate sector. The Act mainly enacted to protect real estate buyers and enhance transparency.
The first question before you plan a complaint with RERA authorities in India is weather it is registered with the state authorities or not. The question is which are the projects needs to qualify for registration.
In fact, the preamble of RERA says that the Act is enacted to established RERA Authority in every state and to enhance transparency in real estate transactions and development process.