Category: Property Investment

RERA full form means Real estate regulation act. This bill is actually pass by central government of India. And then every state govt. regulate with minor modifications as per their suitability in their states. There is a specific carpet area definition in RERA.

Carpet Area as per Real Estate (Regulation and Development) Act 

The area of a property is often calculated in three different ways – carpet area, built-up area and super built-up area. Hence, when it comes to buying a property, this can lead to a lot of disconnect between what you pay and what you actually get.

With REAR coming into the picture, it is now mandatory for the developers of all ongoing projects to disclose the size of their apartments on the basis of carpet area (i.e., the area within four walls). This includes usable spaces, like kitchen and toilets. This imparts clarity, which was not the case earlier.

Must Read: Understand Carpet Area, Build-up Area & Super Build-up Area

According to the RERA, carpet area is defined as ‘the net usable floor area of an apartment, excluding the area covered by the external walls, areas under services shafts, exclusive balcony or verandah area and exclusive open terrace area, but includes the area covered by the internal partition walls of the apartment’.

As per the RERA guidelines, 

• Builders must disclose the exact carpet area to ensure transparency for buyers.
• This helps customers understand what they are paying for.
• However, RERA does not mandate builders to sell flats based on carpet area.

Conclusion

Under RERA, the carpet area refers to the net usable floor space within the apartment’s internal walls, excluding external walls, balconies, and service shafts. This regulation brings clarity to homebuyers, ensuring transparency in property transactions. 

Understanding these details can help buyers make informed decisions when purchasing property.

Frequently Asked Questions

1. What is the carpet area as per RERA?

Carpet area is the net usable floor space inside an apartment, excluding external walls, balconies, and open terraces.

2. How does carpet area differ from built-up and super built-up areas?

Carpet area is the actual usable space; built-up area includes walls, and super built-up area also includes shared spaces like lobbies and lifts.

3. Is it mandatory for builders to sell flats based on carpet area?

No, RERA only requires builders to disclose the carpet area, but it does not mandate sales based on it.

How will RERA impact real estate agents? 

Under the Real Estate (Regulation and Development) Act (RERA), real estate agents will need to register themselves, to be able to facilitate a transaction. The broker segment in India, is estimated to be a USD 4 billion industry, with an estimated 5,00,000 to 9,00,000 brokers. However, it has traditionally been unorganised and unregulated.

It will bring a lot of accountability in the industry and the ones who believe in professional and transparent business, will reap all the benefits. Now, the agents will have a much larger and responsible role to perform, as they will have to disclose all the appropriate information to the customer and even help them chose a RERA-compliant developer.

With RERA in force, brokers cannot promise any amenities or services that are not mentioned in the documents. Moreover, they will have to provide all information and documents to the home buyers, at the time of booking. Consequently, RERA is likely to filter out the inexperienced, unprofessional, fly-by-night operators, as brokers not following the guidelines will face hefty penalty or jail or both.

How can brokers become RERA compliant?

1. Section 3: Promoter cannot advertise, book, sell or offer for sale, without registration with RERA.
2. Section 9:

• No agent can sell any project without obtaining RERA registration.
• The agent’s RERA number needs to be documented in every sale facilitated by him.
• The registration needs to be renewed.
• Registration can be revoked or blocked if any breach is made to the conditions of registration for a specified time.

3. Section 10:

• No agent can sell a project that is not registered.
• Maintain books and records.
• Not be involved in unfair trade practices.
• Make an incorrect statement – oral, written, visual.
• Representing that services are of a particular standard.
• Representing that the promoter or himself has approval or affiliation which such promoter or himself does not have.
• Permit publication of advertisement in newspaper or otherwise of services not intended to be offered.
• The agent needs to facilitate the possession of all documents to the allottee at the time of booking.

Conclusion

RERA has transformed the real estate sector by introducing transparency and accountability for real estate agents. By mandating registration, accurate disclosures, and ethical practices, RERA ensures buyers receive reliable services while filtering out unprofessional agents. Complying with RERA not only enhances credibility but also helps agents build trust with clients in an increasingly regulated industry.

Frequently Asked Questions

What is the role of real estate agents under RERA?

Real estate agents must register with RERA, provide accurate information, and ensure compliance with regulations when facilitating property transactions.

What happens if a real estate agent fails to comply with RERA guidelines?

Non-compliance can lead to penalties, revocation of registration, or even legal consequences, such as fines or imprisonment.

Is RERA registration mandatory for all real estate agents?

Yes, agents must obtain RERA registration before selling, booking, or advertising any real estate project.

An entertainment room is ideal place to relax & unwind at the comfort of your home. It can be a room that combine technology & aesthetic design creating a blissful ambiance

Home entertainment has widened its spectrum and is no longer limited to television, as people, nowadays, like to put their hands on a variety of entertainment options. Thus, has risen the trend of having an entertainment room at home.

• The concept of an entertainment room is relatively new but gaining popularity.

• Homeowners are either designing dedicated entertainment spaces or converting spare rooms into entertainment zones.

• The room can house various audio-visual entertainment equipment.

• Besides a home theater, it can also accommodate indoor games and computer games.

Don’t worry if you don’t have enough space to create a separate entertainment room.One can always keep the set-up handy and whenever required covert the living or any room of your choose for that matter into a entertainment room for the evening. All you’ll need will be few big pillow cushions,comforts, dim lighting and potable speakers and projectors.

Choosing the Right Equipment

The entertainment room can have a television, Blu-ray player, media server, internet connection and state-of-the-art sound systems to completely immerse you in the movie experience.

Remember – The distance from the screen to the seating should ideally be eight to 10 ft. The rear seats can be a step higher for a better view. You can opt for comfortable chairs.

The screen plays an important role in the home theater setup. While large-screen LEDs are the common option, projectors combined with a screen can also be used.

Creating a Relaxing Ambiance

To save space, you can also buy a media server, which can store all your movies in one place, thereby, eliminating the space needed to store hundreds of DVDs.

For lighting, one can choose lights that provide the effect of stars in the night sky, on the ceiling

Dos and Don’ts of Designing an Entertainment Room 

• The seating in an entertainment room should be planned according to the space available.
• Do not cramp the room with heavy furniture.
• Speakers should be mounted on the walls and not inside shelves for better acoustics.
• The room should also have proper acoustic panels and insulation.
• Thick curtains with linings are ideal for the entertainment room.

Conclusion

An entertainment room adds comfort and fun to your home, providing a space to relax and enjoy movies, music, and games. Whether you have a dedicated space or a flexible setup, the right equipment, ambiance, and design choices can create the perfect entertainment experience. 

Focus on sound, lighting, and comfortable seating to make the most of your entertainment zone!

Frequently Asked Questions

Q. How much space is needed?

Even a small room can work with a smart layout.

Q. What’s the ideal seating distance?

8-10 feet from the screen for the best experience.

Q. How can I improve the sound quality?

Use wall-mounted speakers, acoustic panels, and thick curtains.

The previous year was not that great for the real estate market, and since demonetisation, the market has taken a further downturn. But with the passage of time, things are coming back on track and partial credit for it goes to the effort taken by the Government. Here, we have to understand one thing: every good thing is difficult to adapt to at first but has a beneficial long-term impact. 

Demonetisation, too, slowed things down at first, but it has great advantages that will revive the economy.

The year 2025 is being considered a great year for home buying. We have listed a few reasons in support. All these are government schemes that a prospective home buyer can take advantage of –

Real Estate Regulatory Act

RERA will help regulate and bring transparency to the real estate sector. Also, it is beneficial both for the developers and buyers. A lot of clarity, in the sense of working and procedures, will come with its initiation. With RERA now an integral part of the real estate picture, it will reassure buyers’ confidence in the market. 

• This will lead to improved sales figures in the market.
• The timely completion of projects will be ensured.
• The carpet area must be mentioned.
• Mandatory provision of information like land title and approval layout will be required.

Pradhan Mantri Credit Link Subsidy Scheme

Effective for 1st Jan 2017 thes aid scheme offers an interest subsidy of INR 2.3 2.5 lac to the buyers who intend to buy a house ranging up to 110 sq.mtr. The condition here is that neither the beneficiary nor any of his family members should have a Pakka house under their name.

Income Tax Exemption for Buyers

Under Section 24(b) buyers are eligible for income tax exemption. Interest on home loan increased from INR 1,50,000 to INR 2,00,000 for 5 years instead of 3 years.

Under Section 80C tax exemption is applicable on principal amount with limit INR 1,50,000 with other exceptions like Bank FD’s, LIC Premium, etc.

Service Tax

For projects developed under Prime Minister Awas Yojana home buyers are now not required to pay any service tax. Note it is applicable on flats with up to 60 sq. mtr, carpet area.

Employees Provident Fund

Government has now removed restrictions on the withdrawal of EPF by salaried persons in order to buy home. EPF members can now withdraw 90% of the amount to make payments for the new home.

Conclusion

Government schemes like RERA, tax exemptions, and home loan subsidies make home buying more accessible and secure. By leveraging these benefits, buyers can save money and invest confidently in real estate.

Frequently Asked Questions

Q. What is RERA, and how does it benefit home buyers?

RERA ensures transparency, timely project completion, and buyer protection.

Q. Who is eligible for the Pradhan Mantri Credit Link Subsidy Scheme?

Buyers without a pakka house can get an interest subsidy on home loans.

Q. Can I withdraw EPF funds to buy a home?

Yes, you can withdraw up to 90% of your EPF balance for home payments.

Do you find yourself constantly googling terms while talking to a real estate agent? Don’t worry, you’re one among many! While doing business that involves an under-construction building, it pays to know the real estate terms associated with the building stages and other processes.

Key Real Estate Terms

Knowing the real estate terms of all the stages in the building construction process and their significance will save you much trouble:

1) Mobilisation

Mobilisation is the process of making the plot ready for construction. The process generally involves building a fence around the plot, making necessary services available, transport of construction tools and equipment to the plot and building a shed for the labourers.

2) Ground Work

The process of levelling the ground of the plot, benchmarking and cleaning the plot comes under the phase of ground work.

3) Sub-Structure Work

Sub structure work involves the construction of structures like the foundation, neck columns, grade beams, the ground floor, etc.

4) Superstructure Work

Super structure work involves the construction of the structures that are situated above the ground like columns, slabs, beams, staircases, etc.

5) Masonry Work

Masonry work is a phase in which everything comes into shape and gets a face. It involves plaster work and levelling of the walls and ceilings. This stage is what prepares the project for the services work.

6) Services Work

Service work includes electrical work, sanitary work, plumbing work, etc. It involves fixing lights and fans, bathroom fittings, toilet equipment and anything else that would be provided by the builder.

7) Finishing Work

At this stage, it is time to give the final touch to the property. It involves painting and any kind of carpentry work like doors, door frames and, in some cases, false wooden ceilings.

8) Completion

The completion stage of the building construction process involves cleaning of the built property, final inspection and handover of the property to the buyer.

Conclusion

Understanding real estate construction terms can help buyers stay informed about the building process. From mobilisation to finishing work, each stage plays a crucial role in ensuring a well-built property.

Frequently Asked Questions

Q. What is mobilisation in real estate construction?

Mobilisation involves preparing the site for construction, including fencing and setup.

Q. What does masonry work include?

Masonry work involves plastering, leveling walls, and preparing for electrical and plumbing installations.

Q. What happens in the finishing stage of construction?

Finishing work includes painting, carpentry, and final detailing before handover.