Delhi Real Estate Regulatory Authority (Delhi RERA) is mulling to issue a new set of guidelines for builders and other stakeholders, focused on marketing and advertisements of real estate projects wherein the regulatory Authority is considering to make it compulsory to sell and advertise real estate projects on the basis of carpet area only in the national capital.
Currently, Developers in Delhi-NCR are advertising and selling real estate projects on super built-up area instead of carpet area. The Authority also plans to make provision of heavy penalty violators of new guidelines, after those are implemented.
Carpet area denotes to the actual usable area of an apartment, whereas the built-up or plinth area includes the thickness of the walls while the super built-up area also includes common areas into the domain.
Delhi RERA, Chairman, Anand Kumar made the announcement earlier this month at a conference organised by the Delhi chapter of the National Real Estate Development Council (NAREDCO).
He said that new guidelines regarding advertisement and marketing of real estate projects on the basis of carpet area will be issued in coming weeks.
Kumar said that many builders are marketing and advertising their realty projects on super built-up area in Delhi which is not right.
“Marketing and advertising of real estate projects is going on super area while as per the RERA Act the pricing should be done on the basis of carpet area. This issue is creating a lot of confusion among buyers and we are receiving several complaints in this connection,” he said.
“So we are going to release new set of guidelines saying that you will be able to advertise, market and sell the apartment on carpet area basis. We will be taking action against developers if they violate these guidelines,” Kumar added.
Under the new guidelines, Delhi RERA will ensure that advertisements of all real estate projects mention carpet area. Kumar further said that homebuyers must know about the actual size of property which they are buying and paying for.
Delhi RERA officials aware of the development said that the move will bring transparency in the marketing and transactions of the property. According to the Real Estate (Regulation and Development) Act, 2016, builders should mention the carpet area while marketing their projects. However, most of the builders do not follow the norm advertise apartments on the basis of the built-up or super built-up areas.
