Noida: Apartment Registrations On Carpet Area Only

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For a long time, home buyers have been demanding for apartment registrations based on carpet area only. In an answer to that long standing ask, Noida authorities have complied. 

There's A New Rule In Town

And it mandates the registration of apartments on the basis of their carpet area instead of their super built up area.

Backstory

The Real Estate Regulatory Authority (RERA) had earlier mandated that builders must sell apartments based solely on their carpet areas. 

And while developers did comply and began to mention the carpet area of apartments, the waters got muddy when it came to registering them - where stamp duty was mostly charged based on the super built up area.

Will It Translate Into Savings?

Yes. Number crunchers from the industry feel that it will save the average homebuyer between INR 1 lac to INR 2.5 lacs at the time of registration. 

🎙 “This order by the Noida Authority will bring much relief to homebuyers as it will reduce their registration fee cost for the flats and thereby lower their overall property acquisition cost,” Santhosh Kumar from Anarock, said to MoneyControl.