The strong momentum in home sales is expected to continue in the next quarter following a significant growth in the third quarter of 2022, property consultant ANAROCK said.
Its data showed as many as 88,230 units were sold across the top seven cities in Q3, an increase of four per cent quarter-on-quarter (QoQ) and 41 per cent year-on-year (YoY). Real estate developer Delhi Land and Finance (DLF) said that all its 292 luxury apartments developed under The Grove project at DLF 5 in Gurugram were sold out in just eight days, demonstrating strong demand.
Here we give an overview of different terminologies that you would come across while buying a home.
What Is Carpet Area?
The term "carpet area" refers to a space that may accommodate carpeting or a space that is otherwise useable. The space between the inside walls is the carpet area. The carpet area does not cover common spaces like the lobby, elevator, etc.
However, according to the RERA act (2016), homebuyers frequently want to know what the RERA carpet area is. The term "carpet area" refers to an apartment's net useable floor space, which excludes areas covered by exterior walls, areas below services shafts, exclusive balconies or verandas, and complete open terraces, but includes areas covered by internal partition walls of the apartment.
"Exclusive balcony or verandah area" refers to the balcony or verandah, as applicable, that is annexed to an apartment's net usable floor area and is intended for the allottee's exclusive use. "Exclusive open terrace area" refers to the open terrace annexed to an apartment's net functional floor area and is intended for the allottee's exclusive use.
How Is Carpet Area Calculated Under RERA Act?
The term "carpet area" is frequently used in real estate jargon. As a result, a carpet area calculator is often needed by professionals like civil engineers, contractors, architects, and, notably, homebuyers. The formula for calculating the carpet area is provided below.
Carpet area = Area of bedroom + living room + balconies + toilets – the thickness of the inner walls.
According to the RERA Act (2016), it is the developer's/duty builder to disclose the carpet area of the property to potential purchasers. Both the carpet area and the super built-up area must be clearly defined. The carpet area must be used to determine the property's values rather than the heavily developed region.
The ratio of carpet area to built-up area is prospective information homebuyers have a right to know. Homebuyers must make the same request. The space is computed using the carpet area to built-up area ratio.
What Is A Built-Up Area?
A building's built-up area is calculated based on the external perimeter wall surfaces. The carpet area, wall thickness, and other inaccessible portions of the flat, such as the dry balcony, terrace, flower gardens, etc., are included. It is always more than the carpeted area.
How is The Built-Up Area Calculated?
The primary unit for calculating the actual area to be utilized is the built-up area. Knowing the built-up area allows one to estimate the value of the carpet area.
Built-up area = Carpet area + area of walls + area of the balcony. Typically, 15–30 per cent of the carpet area is built up.
According to RERA, the built-up area is the total of the carpet area, external wall area, terrace or balcony if present, and entire corridor if present.
On the other hand, the carpet area is calculated by summing the areas of the bedroom, living room, kitchen, bathrooms, balconies, and internal partition walls.
The built-up area always exceeds the carpet area and does not include shared spaces like the elevator, security room, lobby, clubhouse, etc.
What Is Super Built-Up Area?
The saleable area of a property is its super built-up area, which includes the carpet area, terrace, balconies, spaces enclosed by walls, and areas covered by shared or common construction (for example, lift, stairs, etc.). In addition, builders may throw in extras like a pool, clubhouse, and garden. To get to the extremely built-up area, builders apply the loading factor on the carpet area.
The carpet area, built-up area, and the portion of the common area, such as stairs and lobbies, are all considered super built-up areas by Real Estate Regulatory Authority (RERA).
Super built-up area = built-up area + common areas (stairs, lobbies, lift, pool, etc.)
