In the vast realm of real estate, terms can often overlap, be unclear and sometimes downright mislead. One such area (pun intended) of contention is the ongoing debate surrounding the “Super Area” and “Actual Area” of a space. By clarifying this, potential buyers can safeguard against potential pitfalls.
Understanding the Terminology :
Let’s first dive into the terminology to anchor our understanding
Actual Area (or Carpet Area): This refers to the actual usable space within the confines of a premise. Think of it as the area you’d cover if you were laying a carpet
Super Area (or Super Built-Up Area): This includes the carpet area plus a proportionate share of ‘common areas’ – staircases, corridors, lift lobbies, clubhouses, and perhaps even the garden or pool area.
The Catch:
This is where the plot thickens. While the definitions seem straightforward, issues arise in the arbitrary allocation of the ‘common areas’ by some builders.
- Inconsistent Calculations: Different builders might have varying methods for calculating the super built-up area. For one, a 20% addition might seem fair, while another might think 35% is justified.
- Inflated Property Costs: Since properties are often sold based on the super built-up area, an inflated super area calculation means you’re potentially paying more for less actual space.
- Misleading Marketing: Some builders might showcase the super built-up area as the actual space you get, leading to misconceptions and disappointments.
Safeguarding Buyers :
Knowledge is your shield in this arena. Here’s how you can protect your interests:
- Question the Breakdown: When a builder quotes a super built-up area, ask for a detailed breakdown. What percentage is being allocated to common spaces? How is it calculated?
- Compare the Rate: Check the rate per square foot for both the carpet area and the super built-up area. This gives clarity on what you’re actually paying for.
- Site Visits: While it’s challenging to measure large complexes, visiting the site can give you a tangible sense of space. It also allows you to see these common areas you’re investing in.
Conclusion: A Call for Transparency :
As urban spaces burgeon and skyscrapers rise, ensuring that buyers get what they pay for is paramount. A transparent, standardized approach to calculating and communicating property areas will not only instill trust but also create a more equitable marketplace.
Over the years, the real estate sector of Noida has grown leaps and bounds, boasting developments that could rival global standards. However, the journey has been far from smooth for some of the city’s most reputed builders. The news of them facing insolvency or bankruptcy took many by surprise, particularly those who had invested in these builders’ projects. This article endeavors to shed light on the most famous builders in Noida who faced financial turmoil.