Mumbai home buyer’s be alert!
mumbai flats
Did you get an amazing discount on booking a new flat? Before rejoicing, complete a few checks.
Real estate experts say many developers have increased the super built-up area by 60-70%. Which simply means that if you are buying a 1,000 sq ft apartment, yourcarpet area will only be 40-30%. So, you are not actually paying anything less. Developers simply reduce the carpet area and increase the super built-up space and lure home buyers with attractive discounts.
For beginners, carpet area is the livable part, the wall-to-wall area that can be carpeted while super built-up is the non-livable area like the lobby, lift space, flower beds, swimming pool, staircases etc. Since you pay for the super built-up area, discounts actually carry no meaning.
The real-estate jargoncalls it ‘loading’. In effect, it means that if you are buying a 1,000 sq ft apartment, your carpet area will only be 40-30%. Therefore, although you get a discount for your carpet area, since you are paying for the entire 1,000 sq ft, you don’t save anything with the discount. Earlier in Mumbai, there was only 20-30% loading.
According to Pankaj Kapoor, MD of property research firm Liases and Foras, , said that the super built-up concept is deceptive wherein buyers are literally squeezed. He appeals to buyers to first check the local body approved plan of the building and ask for carpet area only. Another property expert, Ajay Chaturvedi says, “Besides increasing super built-up areas, most developers also reduce the height of the ceiling. As per development control rules, the ideal ceiling height should be 11 ft, however, developers are limiting it between 9 and 9.3 ft,”.
Manohar Shroff, general secretary, Maharashtra Chamber of Housing Industry,said that since ‘super built-up’ is a very technical term, he appeals to developers to sell property on the basis of the carpet area. In super built-up, the rates look low.
Even Cidco was observed to be selling apartments with almost 65% loading. If a government body like Cidco does not hesitate in cheating buyers, properties advertised by private builders cannot be guaranteed at all. Home buyers only have to exercise caution before getting tempted with the striking discounts offered by developers.
