Real Estate

Stamp duty: Now, Noida homebuyers to be charged only on carpet area basis

Singh Garima | | Updated on: Dec 02, 2021
image caption

The carpet area is measurable but that’s not the case with the super area

The Noida Authority has written a letter to Uttar Pradesh stamp and registration department to charge the homebuyers on the basis of the carpet area of the residential unit and not on the ‘super area’to enable transparency.

Carpet area is the net usable floor area of the apartment, excluding the area covered by the external walls, services shaft, exclusive balcony or verandah area and exclusive open terrace area, but includes the area covered by the internal partition walls of the apartment, according to the letter sent to the Stamps Department dated November 29.

‘No ambiguity’

It further added that the definition of carpet area has now been made transparent and leaves no scope for any ambiguity. “We had received complaints from the homebuyers, Resident Welfare Associations, therefore the letter has been written to the Stamps Department and the onus of its implementation is on them,” said Ritu Maheshwari, CEO, Noida Authority.

The carpet area is measurable but that’s not the case with the super area, she added.

The section 4.2 (h) of the RERA act 2016, mentions that the promoter of the real estate project should disclose the number, type and the carpet area of apartments for sale in the project along with the area of the exclusive balcony or verandah areas and the exclusive open terrace areas with the apartment.

‘No cost impact on buyer’

“The per sq ft cost might increase, but the overall price of the units will remain the same. There will be no burden on the buyers with this announcement. However, it will help the buyer know the actual size of their units,” said Dhiraj Bora, Head-Marketing, Paramount Group.

This is yet another step by the authority to streamline the sector, , said Yash Miglani, MD, Migsun Group.

Published on December 02, 2021

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

COMMENTS
This article is closed for comments.
Please Email the Editor

You May Also Like

Recommended for you