Real Estate Bill 2016 Carpet Area

Focusing on the carpet area will help you understand the usable area in the kitchen bedroom living room etc.

Real estate bill 2016 carpet area. 1 it establishes the state real estate regulatory authority for that particular state as the government body to be approached. It seems that a new regulatory bill is going to be introduced in the real estate sector that will be mandatory for the development authorities to clear the building plan on the basis of carpet area. 2 real estate regulation and development act 2016 rera ibef report 2016 estimates that india s real estate sector s market size is expected to grow upto usd180 billion by 2020 from usd93 8 billion in 2014 that reflects an increase of 1 92 times. The real estate regulation and development act 2016 is an act of the parliament of india which seeks to protect home buyers as well as help boost investments in the real estate industry.

It is further estimated to be worth usd853 billion by 2028. Nowadays many builders do not even mention carpet area at first and usually charge on the basis of built up area or super built up area. By accommodation times news area. The government will bring the real estate bill in the next session of parliament.

According to the central act every real estate project where the total area to be developed exceeds 500 sq mtrs or more than 8 apartments is proposed to be developed in any phase must be registered with its respective state s rera. The rajya sabha today passed the real estate regulation and development bill 2015 paving way for regulation in the real estate sector. Carpet area is usually around 70 of the built up area. Existing projects where the completion.

The law will protect home buyers against erring developers besides bringing in investments as well as transparency in the sector. The rajya sabha passed the rera bill on march 10 2016. The act establishes a real estate regulatory authority rera in each state for regulation of the real estate sector and also acts as an adjudicating body for speedy dispute resolution. Due to an ambiguity over the definition of carpet area some developers had earlier been charging home buyers according to built up area super built up area etc but the recently passed real estate regulation and development bill.