Confusion prevailed over real estate transactions on carpet area figures in the sale agreement. Government of Maharashtra had recently amended various Acts and procedures to have real estate sale to be on the basis of carpet area.
After many complaints of cheating on the super built up area concept, Maharashtra government had announced in its Housing Policy in November 2006 to curb such practices.
The rules and provisions are also applicable on resale of flats ad properties. Previously, documents registered with authorities were having provisions to mention carpet area, accordingly, stamps duty was charged on carpet area in meters basis.
After the notification to the amendments to Maharashtra Ownership Flat Act and other rules, it is now mandatory to have carpet area in meters mention in the sale agreement. The amenities and other utilities may be charged in a separate agreement or bifurcation of sale proceeds into carpet areas and other add on must be mentioned in the sale agreement.
Sellers and builders are still confused with the process since FSI are calculated in built up for certain measurement for BMC and over all FSI calculation if townships are developed. MHADA and CIDCO besides other government agencies still follow built up and super built up area in its ads and public documents. Hence the confusion still persist as to what area to be mention in the sale agreement.
After many complaints of cheating on the super built up area concept, Maharashtra government had announced in its Housing Policy in November 2006 to curb such practices.
The rules and provisions are also applicable on resale of flats ad properties. Previously, documents registered with authorities were having provisions to mention carpet area, accordingly, stamps duty was charged on carpet area in meters basis.
After the notification to the amendments to Maharashtra Ownership Flat Act and other rules, it is now mandatory to have carpet area in meters mention in the sale agreement. The amenities and other utilities may be charged in a separate agreement or bifurcation of sale proceeds into carpet areas and other add on must be mentioned in the sale agreement.
Sellers and builders are still confused with the process since FSI are calculated in built up for certain measurement for BMC and over all FSI calculation if townships are developed. MHADA and CIDCO besides other government agencies still follow built up and super built up area in its ads and public documents. Hence the confusion still persist as to what area to be mention in the sale agreement.
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