Sale of Property only on Basis of Carpet Area
15 June 2021 View : 482 Author : AdminIn a good news for home buyers, the Haryana Real Estate Regulatory Authority has said it had issued regulations for the sale of an apartment or a building in any real estate project on carpet area basis regulations only. The Gurugram-based state regulator warned that penal proceedings would be initiated against the promoter or the real estate agent violating the instructions.
The sale on super area basis shall be treated as fraudulent and an unfair trade practice by the promoter, said a statement quoting Chairman K.K. Khandelwal. The conveyance deed shall be executed only on carpet area basis. The sale of apartment or building is only on the carpet area basis. So the sale of super area or any other basis is illegal, it said.
These regulations have been made by the authority to ensure sale of plot, apartment, or building, as the case may be, or sale of real estate project, in an efficient and transparent manner and to protect the interest of consumers in the real estate sector, he said.
Noting that before Real Estate (Regulation and Development) Act of 2016 came into existence, there was lack of a legal description for the term ‘carpet area’, he said the Act has provided specific and concrete definition of carpet area which now has addressed the vagueness and uncertainty in this regard.