When a flat is built, it is primarily divided into two areas, carpet area and super area. Carpet area is the area in which one resides, and the super area consists of the miscellaneous areas of the apartment. Since the registration cost of the stamp duty is an extravagant affair, deducting the cost of the super area from the registration fee is a boon to the buyers.
Analyzing the Benefits
- This new rule will reduce the cost of the flat to a great extent.
- It has made the calculation of the flat size logical. As the super area includes the area which cannot be exactly measured like the lift, gym, Children Park, common passageways, balcony, gym, etc. it is to be opted out of the calculation.
- After the implementation, this will benefit nearly five lakh buyers in Noida and Greater Noida.
- The fake calculations regarding the super area will be stopped.
The officials are waiting for the state government to initiate the process.
Steps Taken by Noida Stamp Department
Over the years, the builders have been cheating the buyers in the name of the expansion of the super area after the completion of the project. The super area consists of 25 per cent of the total area and the buyers have been paying that 25 per cent extra amount. After the implementation of the rules, the buyers will be relieved from paying the extra amount, which will definitely increase the number of buyers.
New Rules for the Calculation of the Flat Size
The fee from the stamp duty is huge revenue earned by the government from the real estate sector, but RERA has cleared all the uncertainty regarding the rules of selling the flat, which will benefit the buyers to a great extent.
- There will be no term called the super area in the contract papers.
- The calculation of the carpet area will have to be mentioned in the papers, to maintain the transparency.
- This will resist the builders from calculating a fake super area.
The stamp and registration department of Noida will be discussing the matter with the top officials regarding its implementation.
Author: Supriti Ganguly
Supriti Ganguly is a Content Contributor at a3solutions.in. She is having more than three years of experience in working closely with B2B and B2C businesses providing blog writing, article writing, news writing, and copywriting services. Supriti is a professional writer with extensive knowledge on content marketing and adept in content strategizing for business collaterals. She is experienced in writing technical, promotional articles, and blogs that leave a lasting impression on readers.